Petrochemicals exports have increased by 3% in the last seven years, Majlis Research Center said in a report.
"The figure stood at 18.2 million tons in 2011 and surpassed 20.3 million tons in 2017," ISNA quoted the report as saying.
The center noted that the sale of petrochemical products to domestic firms has risen by 6.3%, peaking at 17.7 million tons in 2017 compared to 11.86 million tons in 2011.
It has announced that the National Petrochemical Company's output in 2018 amounted to 53.3 million tons, of which 38% or 20 million tons were exported mainly to Asian and African markets.
Petrochemical exports in 2018 generated as much as $11.4 billion for Iran.
"The rest of the products were sold domestically," the report said.
According to NPC’s Managing Director Behzad Mohammadi, Iran's petrochemical output will increase by 70% in two years and revenues from the sector will rise by 46% by 2021.
“The nominal capacity of the petrochemical industry is 64 million tons a year. This will reach 94 million tons within two years,” he added.
However, since not all plants are operating at full capacity due to periodic overhauls, the real output is lower.
A total of 55 domestic petrochemical companies annually produce close to 54 million tons for domestic and international markets.
Most petrochemical plants are in Mahshahr in the southwestern Khuzestan Province and Assalouyeh in the Persian Gulf, where water supply is less of a concern and proximity to international sea lanes makes transport and shipment cost effective.
The official said the plants receive 25.3 million tons of feedstock from oil and gas refineries annually.
Of the total output, 60% are purchased by local companies and industries, and the rest are exported.
The petrochemical sector is Iran’s second most important industry after oil and gas. It has played a key role in economic growth, as it creates value-added and reduces the sale of oil and gas on which the economy has been dependent for decades.
As a result of its abundant hydrocarbon resources and high private sector investments, Iran is striving to maintain its global status in the key sector and broaden its scope.
