Hassan Abbaszadeh, speaking at the first meeting of the Board of Directors in 1404 on Monday, said: "One of the roles of development-oriented organizations and companies is facilitating private sector investment in the petrochemical industry. In this regard, the NPC is ready to support investors."

He added that managers across all sectors of the National Petrochemical Company must back the industry in the "Year of Investment for Production" and take effective, actionable measures to address some of the challenges petrochemical companies face.

The deputy oil minister noted that operationalizing and completing development projects could accelerate with increased financing. "Through collaboration with petrochemical holdings, we can achieve production growth this year," he said. "Although last year, energy imbalances caused challenges in feedstock supply, proper planning and necessary measures can lead to better performance in the value-creating petrochemical industry."

Abbaszadeh stressed that the support of parliament and the government has enabled industry players to work with serious determination and a development-focused approach, prioritizing the completion of the value chain as a key strategy.

Targeting increased production 

He pointed out that petrochemical production in 2023 increased compared to the previous year, and despite energy imbalances and feedstock shortages, most petrochemical complexes were able to meet their production targets. "This year, we will witness a 9-million-ton capacity increase in the petrochemical industry," he added.

The CEO of the NPC said that collecting flare gas in collaboration with holdings in 14004 will boost the industry's feedstock supply, and the operationalization of NGL 3200 will help meet part of the industry's feedstock needs.

Abbaszadeh emphasized the institutionalization of consensus and convergence across different sectors of the industry for sustainable development, stating: "Dynamic organizations and companies must be agile, and to this end, a skilled and efficient workforce can enhance productivity."

During the meeting, executives and senior managers of the NPC, along with the CEOs of the Petrochemical Special Economic Zone Organization and the Petrochemical Research and Technology Company, presented detailed reports on last year's performance and their plans for 1404.