Economy
Fri Jun 26, 2020 3:53
Oil Minister: Iran Petchem Revenues to Hit $25bln in One Year
TEHRAN (FNA)- Iranian Oil Minister Bijan Zangeneh announced that the country's petrochemical income will considerably increase during the coming months.

"Petrochemical revenues will reach $25 billion by next year due to the implementation of the second leap of oil and petrochemical projects," Zangeneh addressing a ceremony held via videoconference to inaugurate three important oil projects.

He reiterated that Iran's national petrochemical income had been one billion dollar over the past two decades.

The projects include normal hexane production unit of Imam Khomeini Refinery (Shazand)-the first refinery company which started work from the early years of the 1979 Islamic Revolution-in central Iran, Goureh-Jask crude oil pipeline which increases the transport capacity to one million barrels a day on southern Iran and Miandoab petrochemical complex, which will bring 140,000 tons of growth in petrochemical products, on northwest of Iran.

He further noted that 17 petrochemical projects are planned to be inaugurated up to the end of the current Iranian year (will end on March 20, 2021).

"The projects will leap production as Supreme Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei has stressed the importance of doing so after naming the new Iranian year as 'Surge in Production'," Zangeneh said.

In relevant remarks earlier in June, Managing director of Iranian Investment Petrochemical Group Co (IIPGC), Rasoul Afsharzadeh announced that Implementation of four projects worth $103 million will add 107,000 tons to the output capacity of the petrochemical sector.

Afsharzadeh said that financial resources have been appropriated for the projects, adding that the projects will be implemented in less-developed regions to create job opportunities.

He said that that the four projects will become operational in Sonqor of Kermanshah province, Mahshahr of Khuzestan province, Lordegan of Chaharmahal-Bakhtiari province and Orumiyeh of West Azarbaijan province.

The projects will not only develop complementary industries, they will also prevent imports of chemical and petrochemical products, Afsharzadeh concluded.

According to a report released in late May on Iran's petrochemical activities, 55 petrochemical companies active in Iran produced 31 million tons of products in the past Iranian year ended on March 20.

 

 

 

 

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