Jul 26, 2021, 8:46 AM
Journalist ID: 1844
News Code: 84415929
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$25b investment increases Iran petrochemical capacity 60%

Tehran, IRNA - The production capacity of petrochemical industry in Iran has increased from 56 million tons in 2013 to 90 million tons in 2021, showing a 60 percent jump as a result of allocating 25 billion dollars in the industry.

The petrochemical industry seems to be one of the most successful industries in the Islamic country in terms of achieving objectives of the Law on the Sixth Five-Year Economic, Cultural, and Social Development Plan for 2016 – 2021 (the Sixth Development Plan).
It is scheduled that the petrochemical production capacity should hit the record of producing 100 million tons of petrochemical products by the end of this Iranian calendar year (March 20, 2022).
Undoubtedly, the eight year tenure of the 11th and12th administration in Iran can be described as the golden era of the country's petrochemical industry, when 32 petrochemical projects with a capacity of 34 million tons have become operational.
Total investment in petrochemical industry during the eight years reached 25 billion dollars, some 11 billion dollars of which was invested in last Iranian year (March 20, 2020 to March 20, 2021), President Hassan Rouhani has recently announced.
It is expected that Iran's revenue from the petrochemical industry will reach 25 billion dollars per annum following completion of development projects in this industry.
The second jump in petrochemical industry has been pursued with the aim of shifting from selling raw materials to home-made products as well as decreasing import of petrochemical materials.
Some 39 projects will be inaugurated in the third jump of the petrochemical industry by the end of 1404 (March 20, 2026). To this end, some 20 billion dollars of investment is needed. More than 25 percent of the fund, 5.6 billion dollars, has been invested and the rest of the allocation will be spent in coming years.
Thanks to the third jump project, the income of petrochemical industry will reach 35 billion dollars in the end of that year (1404); so, Iran's foreign currency revenues will increase 10 billion dollars.
The third jump will also provide the Islamic Republic with the opportunity to get rid of selling raw materials, which is one of the main principles of resistance economy.

1424

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