Rise in Iran`s Mideast Petrochem Market Share

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Iran’s share of petrochemical market in the Middle East increased by 1.4% in the last four years that corresponds to President Hassan Rouhani`s first term as president. the state-owned National Petrochemical Company said.
In the fiscal 2013-14. Iran accounted for 22.21% of total petrochemical production in the Middle East. but its share increased to 23.64% in 2016-17. NIPNA reported.
The upward trend is expected to persist in the current fiscal year on the back of billions of dollars in possible foreign investments in the country`s chemical and petrochemical plants.
Petrochemical ventures. including the third phase of Pardis Petrochemical Complex and the production units of Bushehr. Damavand. Marjan and Ibn Sina petrochemical plants and Kaveh methanol complex as well as the West Ethylene Pipeline. are set to go on stream this year.
According to the report. Iran’s share of global petrochemical production has risen to 2.54% from 2.26% in the past four years.
The report added that annual nominal production capacity reached 62 million tons in March.
Petrochemical sales account for 34.7% of Iran’s non-oil exports and 39.1% of industrial exports in terms of value in the period.
Tehran hopes to more than double output in five years by attracting $70 billion in investment.
It is forecast to produce 56 million tons of petrochemicals by March 2018. almost 10% higher than last year`s level that exceeded the 50-million-ton mark. Nominal production capacity is set to reach 72 million tons.
Petrochemical exports also exceeded 7 million tons in the first four months of the current fiscal year (March 21-July 22). generating $3.5 billion.
The country exported 7.188 million tons of petrochemicals and polymers. up nearly 5% from 6.847 million tons in the same period of last year. according to NPC data.
Tehran earned $9.55 billion in revenues from petrochemical exports last year. official data show. The petrochemical consignments went mostly to Asia. Europe and South America.