An Iranian official unveiled plans for a big rise in the production of petrochemicals, saying the annual income from domestic petrochemical output is expected to hit $25 billion within the next two years.
In comments at the opening of a petrochemical complex in western Iran on Thursday, Managing Director of Iran’s National Petrochemical Company (NPC) Behzad Mohammadi said the Oil Ministry has defined 20 projects with a high priority for the next two years.
The current capacity of production of petrochemicals in the country stands at 65 million tons, but the number is scheduled to reach 92 million tons by March 2021, he added.
He said the development plan will provide the petrochemical industry with at least 51 million tons of chemicals available for sale, noting that such a level will generate a $25 billion income.
The total capacity of production in the country’s petrochemical industry is expected to rise by 95 percent by 2024, Mohammadi added.
In August 2018, NPC officials said Iran’s petrochemical industry was “unsanctionable” and that the exports would continue on schedule.
The US has imposed new sanctions on Iran after withdrawing from the 2015 Iran nuclear deal.