TABNAK, Jul, 07: Iran would have accomplished its petrochemical products chain by the next 7 years, said head of the National Petrochemical Company (NPC) Morteza Shahmirzae, adding the country’s Oil Ministry is after preventing raw sale.
According to the Shahmirzaei, Iran’s petrochemical industry has managed to supply a diverse basket of products surpassing 95 million tons annually.
It is expected that the country’s petrochemical industry output would total over 100 million tons by the end of the current Iranian calendar year (which ends on March 20).
He further continued that Iran has managed to produce nearly 80 percent of pharmaceuticals raw material indigenously.
According to Iranian oil officials, the country’s petrochemical industry accounts for 28 percent of the region's petrochemical capacity and 2.7 percent of the world's petrochemical capacity.
The petrochemical industry plays a crucial role in Iran’s non-oil economy, as petrochemical export is the second-largest source of revenue for the country after crude oil. Petrochemical exports already constitute nearly 33 percent of the country’s non-oil exports.
According to Shahmirzaei, the company plans to increase its annual petrochemical production capacity to 200 million tons over the next 10 years.
