Iran Eyes Imminent Petrochemicals Boost

27 Oct 2023 Issue: 66 / 43 By: Yesar Al-Maleki

Robust Iranian petrochemical exports have proven to be a source of steady foreign currency flows for the sanctioned country. With bumper volumes produced thus far this year, Tehran eyes near-term additions from delayed projects, and is planning further capacity gains.

Despite crippling sanctions, Iran’s petrochemical production has been on the rise, with exports proving to be a crucial source of income for the Islamic Republic. The sector is showing signs of strong growth with under-construction projects progressing and bumper output claimed, which is encouraging Iranian officials to divert more finances to complete existing projects and eye ambitious long-term expansion.

Abdolali Aliaskari, CEO of Iran’s Persian Gulf Petrochemical Industries Company (PGPIC), told local media on 22 October that his firm wants to build nine petrochemical parks countrywide. These are to add some 4.65mn t/y of capacity and generate $6.95bn in annual revenues. PGPIC’s Persian Gulf Horizon Petrochemical Parks Company director Ahmed Shahriari estimates this will require an investment of $20bn. (CONTINUED - 1598 WORDS)