Iran petchems revenues hit $110b in 7 years

Speaking in a press conference on the occasion of National Petrochemical Industry Day, Mahdavi said that since mid-March 2018 when NIMA forex system was launched, 75 percent of the forex resulted from the petrochemical products exports have been repatriated to the country and been offered at the NIMA system, and the remaining 25 percent has been spent for imports of catalysts and equipment and it has been in accordance with the government approvals.

He said petrochemical industry is the driving force of development and economic progress of the country, adding that all believe that attention to the rich hydrocarbon resources can save the national economy and will stop raw material sales.

Mahdavi added that Iran’s petrochemical production capacity will increase to $85m tons by the end of the year and the amount will be increased more next year.

He said this year the industry has distributed 700,000 tons more of its products in the domestic market and it has happened while the GDP growth has been negative, and if the companies had exported it, they would have earned $650m.

Mahdavi noted that 10 petrochemical projects with a capacity of 17m tons will come on stream by the yearend and two more projects will come on stream by the end of next year, adding that there has been no halt in production or development in this sector and the progress has been significant.

He went on to say that the petrochemical sector has earned $110b in the past seven years, adding that in the past seven years, the industry earned $76b through exports and some $30b of the products was distributed in the domestic market and the total earning has been around $110b.

Mahdavi reiterated that petrochemical sector ranks first in exports and repatriation of forex resulted from exports to the country and offering in the NIMA system.

He noted that next year the petrochemical production will reach 100m tons.

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