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Iran`s petrochemical industry is on an upward trajectory. as data show an upswing in production and exports in recent months from last year`s corresponding period.
`Production of petrochemicals and polymers in the first five months of the current fiscal year (March 21–August 22) has increased by 6% compared with the same period of a year ago.` Mohammad Ali Bosaqzadeh. deputy for production control at the National Petrochemical Company. was quoted as saying by NIPNA.
`Domestic demand has increased this year with sales having increased by 8% in terms of value.` he said.
The NPC official added that in the four months ending July 22. Iran exported 12% more petrochemicals in terms of tonnage from last year`s corresponding period. Outbound shipments also registered a 4% increase in value terms.
Exports amounted to 7.1 million tons in four months. up nearly 5% from 6.84 million tons in the same period of last year.
Iran earned over $9.5 billion in revenues from petrochemical exports in the last fiscal. NPC data show. The petrochemical consignments went mostly to Asia. Europe and South America.
However. experts anticipate a decline in petrochemical revenues this year as payments by China. the largest customer of Iranian petrochemicals. have been hampered in recent months.
`The promising data come as production usually takes a dip in the first half of the year. as many petrochemical plants undergo maintenance and overhaul.` Bosaqzadeh said.
The NPC official forecast that domestic companies will ratchet up annual production by 5 million tons by March next year from nearly 52 million tons in the previous fiscal.
`Almost 81% of the nominal capacity of all petrochemical plants were up and running in the last fiscal. but we hope that by the yearend. operating capacity will reach 85-86%.` he said.
A slew of new petrochemical ventures are planned for launch by the end of the first quarter of 2018. raising Iran`s installed petrochemical production capacity to 72 million tons.
`Collaboration with more domestic banks and attracting foreign investment will help speed up the construction of petrochemical projects.` Bosaqzadeh said.
According to NPC officials. France`s Total and Royal Dutch Shell are closing in on separate deals to bankroll new petrochemical projects in Iran.
