Tehran (IP) - The CEO of Iran’s National Petrochemical Company (NPC) announced on Monday that packages are ready to attract foreign investment in Iran’s petrochemical industry.

Iran PressIran news: Speaking at a press conference on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition, dubbed Iran Oil Show 2022, Morteza Shahmirzaei said: " Iran’s petrochemical industry enjoys a 90 million ton capacity which is to increase to 200 million tons by next ten years through relying on the industry’s capable experts, scientists, and activists."

He added that future products would continue to be manufactured in the value chain and create higher value.

Iran to develop and construct new petrochemical plants

The petrochemical industry has the best position and is a value-creating and risk-free industry, adding: “We need researchers and experts’ innovations to develop and construct new petrochemical plants. Therefore, I would like to invite all capable investors, scientists, and enthusiasts to help the industry as it is an enduring heritage for the future.”

He stated that investment packages are prepared for foreign investors, adding: “Investors can use the packages according to their needs.”

Shahmirzaei also invited all holdings and active companies involved in the petrochemical industry to cooperate in making an indigenous industry in the future, saying a part of goods, processes, and materials have yet to be localized, and we expect these entities to get engaged in this end.

He noted that West Islamabad is among the petrochemical projects fully implemented by Iranian manufacturers and scientists.

The petrochemical industry plays a vital role in Forex resources.

There are 69 active petrochemical complexes in Iran, Shahmirzaei said, adding petrochemical industry plays a determining role in Forex resources supply and the country’s economic balance. Last year, over $15 billion of various petrochemical products were exported, and $12.5 billion worth of products were sold in Forex Management Integrated System (locally known as NIMA).

On the memoranda of understanding signed between the National Iranian Oil Company (NIOC) and some petrochemical holdings, he said, “There is a gap between actual production and installed capacity in Iran’s petrochemical industry, to reduce part of which, that is sustainable feedstock supply, petrochemical holdings are to invest in a number of fields.”

Expansion of Petchem Export Markets 

The CEO of NPC also highlighted on Sunday the need to expand export markets for petrochemical products as output is growing.

Speaking in a signing ceremony between the Petrochemical Research and Technology Company and Persian Gulf Petrochemical Industries Corporation at Iran Oil Show 2022, Morteza Shahmirzaei said: “As scheduled, petrochemical industry’s capacity is to double by the of the eighth development plan, and as we move towards the end of the production chain, the processes are complicated at petrochemical plants, therefore, there will be more technological requirements.

As a result, Petrochemical holdings need to make investments in the know-how and technological development of the petrochemical industry, he stated, adding: “Neighboring countries require the equipment and products of the petrochemical industry, so Iran’s petrochemical industry should be developed to provide the ground to export technical and engineering services, from designing to launching a petrochemical plant.

In Latin America and Eurasia, Iran's target is to develop new cooperation

He noted that Latin American countries are target destinations to develop cooperation; However, we are investigating ways to expand collaboration in Eurasia and other markets.

As the production capacity of the petrochemical industry will increase in the coming years, we have to gain self-sufficiency in technology, along with broadening target markets, to rake in forex for the country and make more job opportunities, Shahmirzaei said.

Moreover, he invited all enthusiasts to get involved in the knowledge-based area, saying: “The development of petrochemical industry is essential for the country as we can create thousands of jobs through using downstream petrochemical products.”


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