Morteza Shahmirzaei, Deputy Oil Minister and CEO of the National Petrochemical Company, made the remarks on the last day of the 26th Oil Exhibition on Monday, predicting that Iran's petrochemical production capacity will increase more than double within 10 years.
The official went on to say that 12.5 billion dollars out of the 15 billion dollars of petrochemical export were injected into the Integrated Currency Trading System (NIMA).
Pointing to the fact that "petrochemical industry has low-level risk," Shahmirzaei urged all Iranian and foreign investors to invest in Iran's petrochemical industry.
One of the most important aspects of the US's sanctions related to Iran's oil industry, he said, adding therefore, the country has necessarily multiplied its operation in order to stand against the sanction policy.
In the beginning of the victory of the Islamic Revolution, Iran's petrochemical production capacity stood at 1.5 million tons, which is 90 million tons at present, the deputy minister mentioned, noting that the country plans to increase the production capacity to 200 million tons by the end of the eighth Development Plan.
All catalysts required for petrochemical industry will be produced domestically until the end of the current administration's tenure, he added.
The West Islamabad Petrochemical project is scheduled to become fully operational by Iranian designers and constructers, he noted.
The nominal production capacity of petrochemical industry was 90 million tons in last Iranian year, but real production stood at 65 million tons, which is partly natural because of essential reparations that industrial units require, he said, adding that the main problem is procuring feed for petrochemical industry, which needs investment in upstream sector.
As to recent contracts between petrochemical holdings and National Iranian Oil Company (NIOC), he stated that contracts worth 300 million dollars, 900 million dollars and 1.1 billion dollars were signed to pave the way for development of some fields and supply petrochemical units with feeds needed.
According to the official, 72 percent of petrochemical complexes have gas feeds and liquefied feeding will increase in the future.
In the current Iranian year, six projects will become operational; then, the petrochemical capacity will see a five-million-ton hike, he noted.
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