Morteza Shahmirzaei, who made the remarks on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition, pointed to the “valuable products” of the petrochemical industry and said, “The oil industry and particularly the petrochemical industry, as a dynamic industry and driving force of the country’s economy, are the symbols of this year’s motto 'Production: Knowledge-Based and Job-Creating' designated by Leader Ayatollah Seyyed Ali Khamenei."

The NPC head added that the petrochemical industry is producing gas and liquid feeds in an effort to complete the value chain and prevent the sales of raw materials.

Shifting to the strong presence of knowledge-based companies alongside petrochemical holdings in this year’s exhibition dubbed Iran Oil Show 2022, Shahmirzaei continued, “The exhibition provides investors and knowledge-based companies with a golden opportunity to promote their cooperation and complete the value chain.”

The estimates, he said, indicate that the global demand for petrochemical products will rise by nearly 4.5 percent annually while the demand for oil products is on the wane.

Putting the demand of the market into consideration, the NPC CEO concluded that Iran is required to change tack and move toward developing the petrochemical industry and creating the added value.

Shahmirzaei expressed his satisfaction with the desirable development of the petrochemical industry and predicted, “Based on the plans, the annual production capacity of the country’s petrochemical industry will soar to 200 million tons within the next 10 years from the current 90 million tons and play a key role in generating hard currency amid the sanctions.”

Increasing Production

Iran’s Minister of Petroleum Javad Owji is convinced that the country can increase its oil and gas production in the current year by using knowledge-based companies.

“Today, we are witnessing the presence of Iranian knowledge-based firms that have put their latest products on display,” said the minister after the exhibition kicked off.

He underlined that knowledge-based firms and highly skilled experts have the capacity to greatly help the oil and gas sectors boost their production in hydrocarbon fields.

“We have to pay special attention to knowledge-based firms and develop their activities in the oil industry,” he stressed.