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Iran Petrochem Exports Earn $4.6 Billion in 5 Months

Petrochem Exports Earn $4.6 Billion in 5 MonthsPetrochem Exports Earn $4.6 Billion in 5 Months

Iranian petrochemical production in the first five months of the current fiscal year (March 21-Aug. 22) reached 22.6 million tons, the National Petrochemical Company said in a report, which amounts to $4.6 billion in export revenues.

Nominal production capacity of 57 major petrochemical complexes, mostly concentrated in the cities of Mahshahr (Khuzestan Province) and Asalouyeh (Bushehr Province), is forecast to reach 72 million tons by March 2018, with actual output forecast to reach 60 million tons in six months.

NPC said 21 complexes in Mahshahr produced 8.15 million tons of petrochemicals in the five-month period.

Plans are made to produce about 21 million tons of petrochemicals in the zone by the end of the current fiscal in March 2018. Nominal production capacity of petrochemical plants in Mahshahr amounts to 25.6 million tons.

Production from 16 complexes in Pars Special Economic Energy Zone in Asalouyeh hit 9.77 million tons in the period.

The nominal capacity of Asalouyeh complexes is estimated at 32.7 million tons per year, with actual production expected to surpass 26 million tons.

Other petrochemical complexes produced a total of 4.63 million tons in five months. The report added that the complexes’ output is predicted to reach 11.4 million tons by March.

Iran's total production of petrochemicals in the month ending Aug. 22 reached 4.6 million tons.

Domestic sales of the petrochemical industry in March-August reached 7.22 million tons worth $3.7 billion. Exports reached 9.1 million tons, which made $4.6 billion in revenues.

Tehran earned $9.55 billion in revenues from petrochemical exports last year, official data show. Petrochemical consignments went mostly to Asia, Europe and South America.

Iran holds some of the world's largest crude oil and natural gas reserves, but its petrochemical industry is underdeveloped in comparison.

Tehran says its new petrochemical ventures require over $70 billion in investments that should mostly come from foreign sources, such as France's Total and Royal Dutch Shell that are reportedly close to sealing billions of dollars worth of licensing and construction deals in the Iranian petrochemical market.

Petrochemical is Iran's most important industry after oil and gas. NPC hopes to lift nominal output capacity to 120 million tons per annum by 2022, the end of Iran's Sixth Five-Year Economic Development Plan.

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