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Kharg Petrochemical Revenues on the Rise

Kharg Petrochemical Revenues on the RiseKharg Petrochemical Revenues on the Rise

Iran's largest oil export terminal on Kharg Island in the Persian Gulf is becoming an increasingly profitable supplier of petrochemical products.

Kharg Petrochemical Company, the only petrochemical producer on the island 25 kilometers off the Persian Gulf coast, produced $246 million worth of products in the eight months of the present fiscal year that started on March 21, NIPNA reported on Sunday.

The company made $211 million in revenues in the first three quarters of the previous fiscal.

According to NIPNA, the petrochemical producer has surpassed its production target so far this year.

KPC reportedly earned over $280 million in the fiscal 2016-17, making up nearly 3% of Iran's total petrochemical revenues of $9.5 billion in the previous fiscal.

The company looks on track to surpass last year's earnings. Its main products include methanol, propane, butane, naphtha and sulfur.

Kharg Island has a reputation for being the artery of exporting Iran's crude oil, the country's most important export commodity. Iran's oldest oil export facility handles over 90% of its crude and condensate shipments.

Iran's petrochemical production is estimated to exceed 60 million tons this year from just over 50 million tons in the last fiscal, with output capacity set to reach 72 million tons.

Iran's petrochemical producers are largely concentrated in two coastal regions in the Persian Gulf: Asalouyeh in Bushehr Province—home to Iran's gas and petrochemical facilities—and the city of Mahshahr in Khuzestan Province.

 

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