Addressing an online inauguration ceremony for 120 oil, petrochemical, housing, energy, steel and food security projects in the presence of President Masoud Pezeshkian, Paknejad said the Petroleum Ministry has made developing the value chain in the oil, gas and petrochemical industries a central strategy. The goal is to reduce the sale of crude oil and increase value-added and non-oil exports, in line with duties outlined in the 7th National Development Plan, particularly articles 45 and 48.

The petrochemical industry plays a significant role in diversifying the country's export basket and generating foreign currency, in addition to meeting domestic needs, to help maintain the country's economic stability, he said.

"With the cooperation of the private sector, the annual production capacity of petrochemical products has increased by about 3.7 million tons to 100 million tons since the beginning of the 14th administration," Paknejad said.

He added that efforts are underway to increase this amount to 105 million tons per year by the end of the current Iranian year (March 20, 2025) by completing projects under implementation. "Achieving this increase in petrochemical production capacity in a limited time compared to previous years is very notable and important," the minister said.

Petrochemical exports earn nearly $16b

Paknejad said measures have been taken to steer investment from basic products toward intermediate and final products in the chain to support the completion of petrochemical chains and related downstream industries.

"We are using domestic technology and technical knowledge to create sustainable employment and increase the resilience of the country's petrochemical industry against fluctuations in international markets and other limitations in this field," he said.

Cumulative petrochemical production since the beginning of the 14th administration has reached 95 million tons, of which 37.7 million tons were exported, earning $15.6 billion in foreign currency, the oil minister said.

Cumulative production and exports of petrochemical products in the first nine months of the current Iranian year (started March 20, 2024) increased by 1.8% and 2.8%, respectively, compared to the same period last year, he added.

14 major petrochemical projects operational in 18 months

Paknejad said six major national projects in the petrochemical industry have become operational in the past 15 to 16 months, and about eight other projects are ready for operation and will be finalized by the end of the current year.

"If no problems arise in the implementation processes, we will make eight other projects operational by the end of the year," he said. "These projects currently have minor issues for operation, which my colleagues are working to resolve."

Including projects ready for inauguration, a total of 14 projects have[MA1]  become operational in about 18 to 19 months since the 14th administration took office, which is a significant achievement, Paknejad said.

In conclusion, he thanked the president for his strategic support and forward-looking vision and expressed gratitude to the capable managers and experts of the Defense Ministry and the hard-working staff of the petroleum industry, especially the petrochemical sector.