Iran is seeking to increase its annual production of petrochemicals by 50% until the end of the country’s 7th five-year Development Plan, according to a deputy oil minister.
Morteza Shahmirzaei said on Monday that the country’s petrochemical output is projected to rise to as much as 140 million tons from the current 93 million tons in the five-year period.
Noting that some 70 petrochemical complexes are operating across Iran today, the official said that the number of Iranian petrochemical complexes are expected to reach 108 within the time span.
The new petrochemical complexes will be built along the Iranian borders from northwestern country to southeastern coasts of Makran, Shahmirzaei said.
He added that Iran’s annual petrochemical output stood at just 1.5 million tons in 1979 when the Islamic Revolution toppled the former shah of the country.
Shahmirzaei, who is also the managing director of Iran’s National Petrochemical Company (NPC), said last December that over the next 10 years the country’s annual petrochemical production capacity will reach 200 million tons which will bring the country $180 billion in revenues every year.