The Iranian vice president for science and technology announced that under the country’s Seventh Five-Year Development Plan (2022-26), $35 billion of investment will be made in the petrochemical industry.
“Of the $35 billion investment targeted for the petrochemical industry in the Seventh Five-Year Development Plan, the Persian Gulf Petrochemical Industries Company (PGPIC) will receive $15 billion,” Rouhollah Dehqani Firouzabadi said.
According to Firouzabadi, selling raw materials in the petrochemical industry can have an 80 percent benefit rate but using new technologies in the sector can increase its benefits up to 1,000 percent.
The National Petrochemical Company (NPC) Director of Planning and Development Hassan Abbaszadeh said on May 10 that the annual revenues of the country’s petrochemical sector is expected to increase 17 percent to reach $27 billion in the current Iranian year (to end March 20, 2023).
Abbaszadeh put the country’s current petrochemical production capacity at 90 million tons, saying that Iran accounts for about 30 percent of Middle East’s total installed petrochemical capacity and three percent of the world’s total output.
According to the official, the total capacity of Iran’s petrochemical industry will double by 2030.