SHANA (Tehran) – Iran’s deputy oil minister Saturday said the country’s petrochemical industry earned $26 billion by selling its products in the year of 1401, which ended on March 20, 2023.

Speaking in a press conference, Morteza Shahmirzaei added, “Over 69 million tons of petrochemicals were produced during the yearlong period, of which around 27 million tons worth some $16 billion were exported and about 12 million tons valued at $10 billion were sold inside the country.”

Diversification of export markets

The petrochemical industry was successful at producing, completing projects, and supplying the country’s forex reserve in the previous year, boasted the NPC chief, continuing that new export markets were defined and achievements and capacities of the petrochemical sector were introduced to different countries.

He said Iran’s urea was sold to other countries in the name of other states for a long time, adding, “But we took risks amid sanctions and decided to export urea with the Iranian brand. Now, it is time to export other petrochemical products with Iranian brands.

Shahmirzaei mentioned that about 80 percent of petrochemical development projects are implemented by domestic experts and the remaining will be done by relying on expertise of Iranian industrialists, specialists, scientific and research centers, and knowledge-based companies.

Marketing beyond borders

The National Petrochemical Company has also given top priority to the marketing of its products across the world this year, he said.

According to the deputy minister, the industry is making every effort to implement 21 petrochemical projects to complete the value chain.

Last year, the official continued, made a great success and joined the world’s catalyst exporters and now the northern neighbors, European and Far Eastern states are the importers of Iranian-made catalysts. 

Output could hit 80m tons

The National Petrochemical Company (NPC) head predicted if feedstock of petrochemical plants is sustainably supplied, this year’s output will reach 80 million tons.

Shahmirzaei added that 10 new petrochemical complexes will come on stream this year and the country’s annual production capacity will exceed 95 million tons.