12 May 2007 - 11:26
  • News Code: 104352
IPCC Meets 15% of Iran Petrochemical Need

TEHRAN -- Iran Petrochemical Commercial Company is able to meet only between 10 percent and 15 percent of domestic demand, said the IPCC Managing Director Ebrahim Mohammadi Friday.

Iran exported close to three million dollars worth of petrochemical products in the past Iranian calendar year (ended March 20, 2007), showing an increase of around 31 percent when compared to that of its preceding year.

In addition, he added, the company has managed to offer around $2.2 billion of petrochemical products inside the country.

Since the company has a fixed output as the amount of the product apportioned to each user in the downstream industries is also fixed, he noted in a Mehr report.

The managing director of National Petrochemical Company (NPC) said last month that Iran would make a 12.3 billion dollar investment in the sector in the Fifth Five-Year Socioeconomic Development Plan (2010-2015).

Gholam-Hossein Nejabat said his company would invest the huge sum in 27 petrochemical projects during the Fifth Plan, out of which 9.2 billion dollars would be funded by hard currencies.

“The investment helps the sector increase the petrochemical out by 33.7 million tons during the plan,” predicted the official.

Nejabat said 24 petrochemical projects with a 14.8 billion dollar fund had been included in the Fourth Five-Year Development Plan (2005-2010), with some becoming operational.

The NPC head said 13 petrochemical projects would come on stream in the current year, adding three of them were ready for inauguration.

“At present, Iran accounts for 12 percent of the Middle East’s petrochemical output, valued at 25 billion dollars, and the share will touch 34 percent by the end of 20-year Outlook Plan, 2015,” said Nejabat.

“The country’s world share is 0.9 percent, which is predicted to reach 6.3 percent by 2015.

“According to the Fifth Plan, Iran’s annual 55 million ton production will soar to 158 million tons per annum.”

Petrochemical products accounted for the highest share of non-oil goods Iran exported in the past Iranian calendar year (March 21, 2006 to March 20, 2007).

Totally 42.2 percent of the weight and 38.6 percent of the value of exported non-oil products belonged to petrochemicals.

The country exported 14,236,800 tons of petrochemical products, valued at 6.11 billion dollars, during the yearlong period, showing 115.5 and 140.8 percent increases in terms of weight and worth respectively when compared to those in their preceding year.

News Code 104352

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