Tamin Petroleum and Petrochemical Investment Company is pushing ahead with plans to develop a host of projects in the petroleum industry, TAPPICO’s chairman said on Saturday.
“One of the major projects of TAPPICO is the development of a section of Siraf Refining Park in Asalouyeh, Bushehr Province, through its subsidiary firm Arya Oil and Gas Development Company,” Seyyed Emad Hosseini was also quoted as saying by ISNA.
TAPPICO owns 42 subsidiary companies and mainly targets petrochemical and refinery projects.
According to Hosseini, his company is mulling over joining other firms to work on a few projects in the refining park, which TAPPICO is in charge of, simultaneously.
The Siraf project will have the capacity to produce about 270,000 barrels a day of naphtha, 140,000 of diesel, 30,000 of liquefied petroleum gas and 40,000 of kerosene.
Iran’s oil refining capacity reportedly stands at around 1.8 million barrels per day.
“Another important project is the development of Ilam Petrochemical Complex, which is expected to become operational in about a year,” he said.
TAPPICO owns a 17% stake in the complex.
Iran produced 50.61 million tons of petrochemicals in the fiscal 2016-17 that ended in March, of which 20.3 million tons, worth $9.5 billion, were exported, government data show.
According to published reports, Iran holds 38% of the petrochemical market in the Middle East, but only produces 4.8% of the world's petrochemicals despite sitting on some of the world's largest crude oil and natural gas reserves.
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