1 June 2019 - 11:42
  • News Code: 289406
Master Plan for Downstream Petchem Development Underway

TEHRAN (Shana) -- The CEO of the National Petrochemical Company (NPC) said the master development plan for downstream petrochemical industries is being prepared.

Behzad Mohammadi, speaking on Thursday, said one of the most important projects of the Ministry of Petroleum is the development of petrochemical industries.

Addressing a ceremony to start construction of Songhor Petrochemical Projects, the official expressed optimism that the Persian Gulf Petrochemical Industries Company (PGPIC), the mother company of the project, would exert efforts to bring it online within 12 to 14 months.

"The industry is growing, and has diversified projects, and we can move more rapidly with the use of new technologies in the industry," he said.

The official further said that the annual growth of crude oil in the world is one percent, while this figure is up to 9 percent in the petrochemical industry, adding: “The volume of the petrochemical industry's trade in the world is worth $3,800 billion annually, Iran can move more rapidly in the industry given its massive oil and gas reserves.”

Mohammadi emphasized: "The four elements of feedstock, knowledge and technology, capital and the market are one of the most important factors for building a project.”

He said 55 petrochemical plants were operating in Mahshahr, Assaluyeh and other areas of the country with a capacity of 65 million tons per year, of which 31 million tons of products are sold, and about 22 million tons are exported to different destinations in the world.

News Code 289406

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