The Iranian Oil Ministry expects output of petrochemical products will surge by nine percent for the year ending March 20.
“It is expected that production for various petrochemical products will reach 61 million tons at the end of this (calendar) year,” said Seyyed Jalal Mirhashemi, who serves as production chief at the National Petrochemical Company (NPC) of Iran.
Mirhashemi said output had topped 56 million tons in the 10 months to February 18, exceeding the total annual amount recorded in late March last year.
“Production and sales of various petrochemical products are continuing smoothly and despite some difficulties, a motto for jump in production has been realized through efforts by the country’s petchem manufacturers,” he said.
Since 2018, Iran has increasingly relied on exports of petrochemicals as a means of offsetting the impacts of American sanctions on its crude sales.
Petchems currently account for a bulk Iran’s non-oil trade while allowing the government to boost jobs across the country by spurring more activity in the manufacturing sector.
The government rolled out three massive petrochemical facilities in late December with an investment of over $1 billion.
Other plants are planned to come on line until next summer to further increase the output capacity and diversify the basket of products.
The NPC expects annual output of petrochemicals in Iran to reach 100 million tons by March 2022 and further to 133 million tons by March 2025.