According to the National Petrochemical Company (NPC), Hassan Abbaszadeh, NPC’s chief executive officer, published a note titled “The Petrochemical Industry: A Symbol of National Self-Reliance” to mark Dey 8, Iran’s National Petrochemical Day.

“The petrochemical industry is a symbol of the effort, knowledge and determination of a nation that, through self-confidence and progress, has elevated one of the country’s largest and most strategic industries to a position of distinction,” Abbaszadeh wrote. “Beyond its economic role, this industry today reflects national capability, Iranian engineering expertise, a firm belief in a resilient economy, and a model for leveraging domestic capacities, indigenous innovation and committed management.”

He said completing the value chain and defining new projects to reach final products has been one of the industry’s main strategies in recent years. These efforts, he added, have been pursued in parallel with higher productivity, sustainable job creation and continuous environmental protection.

Abbaszadeh noted that the petrochemical sector plays a multifaceted role in Iran’s economy, including generating government revenue, supporting pension funds, boosting the capital market and creating jobs.

In the past Iranian year (1403), average daily natural gas consumption nationwide has been about 755 million cubic meters. Of that amount, only about 68.3 million cubic meters per day — including 41% as feedstock and 59% as fuel — has been consumed by the petrochemical industry.

He said the petrochemical industry is one of the country’s main economic pillars, not only producing chemical and polymer products but also playing a vital role in employment. About 145,000 people are directly employed in the sector, while companies in downstream petrochemical industries that source raw materials from it have created nearly 1.19 million jobs.

The industry also plays a major role in adding value to oil and gas resources by converting crude oil or natural gas into new products, generating significant added value and contributing to sanctions resilience, sustainable development and economic growth, Abbaszadeh said.

The large share of petrochemical products in Iran’s exports reflects the government’s shift away from crude sales and toward higher value-added production. During periods of sanctions, the petrochemical sector has also provided a substantial share of the country’s foreign currency needs.

In 1403, Iran’s petrochemical industry earned about $13 billion in foreign currency through exports of polymer and chemical products, he said.

Most of that revenue has been repatriated and placed at the disposal of the Central Bank of Iran, while the remainder has been used to procure goods, raw materials, equipment and services needed to sustain operations and advance development projects. The petrochemical industry accounts for about one-quarter of Iran’s non-oil exports.

Abbaszadeh expressed hope that completing value-chain projects will further reduce crude sales and create greater value for the national economy.