The second specialized exhibition and conference to support domestic manufacturing in the petrochemical industry opened in Kish Island in the Persian Gulf on Monday.
Hosting 160 domestic oil industry equipment manufacturers, knowledge-based companies, petrochemical firms, banks and investment companies, the three-day event provides a platform to interact, share ideas, discuss business opportunities and services and boost support for domestic production, Mehr News Agency reported.
Participants are studying prospects for sharing technical knowhow and engineering services for the production of chemicals, catalysts, equipment and new technologies.
Introducing products from the key domestic petrochemical industry and funding issues will also be discussed, the news agency said.
One of the organizers is the Persian Gulf Petrochemical Industries Company -- Iran’s largest petrochemical firm -- with almost 11% of the domestic capital market.
PGPIC signed a $3.9-billion MoU with the Iranian Petroleum Industries Equipment Manufacturers Association, based on which the latter will supply goods and equipment for petrochemical projects.
As Iran’s largest petrochemical company, PGPIC, with almost 60 subsidiaries, accounts for a third of the national petrochemical production or 77 million tons a year.
Domestic knowledge-based companies and manufactures can design and produce about 85% of the equipment for projects in oil, gas, refining and petrochemical industries.
Iran has significantly expanded its petrochemical base and investment has grown in the past two decades. Petrochemical firms now supply most of the domestic needs, thanks to the diversity of products and a vibrant export sector.
It has been reported that $40 billion will be invested in the petrochemical sector to boost output from the present 77- million-tons to 133 million tons by 2025.
