Iran will be able to produce petrochemicals worth $37 billion by completing 53 projects in the sector by March 2026, said an Iranian deputy oil minister.
Behzad Mohammadi, the deputy oil minister for petrochemical affairs, made the remarks on Wednesday while visiting the site of a project under implementation in the northwestern Iranian province of Ardebil, Shana reported.
He put the the present annual production capacity of the country’s petrochemical industry at 66 million tons, saying that efforts are underway to increase the figure to 133 million tons by March 2026.
The deputy minister said of the total 53 petrochemical projects, 27 will be inaugurated by March 2022, which will help raise the country’s petrochemical production capacity to 100 million tons per year.
He said Iran now produces petrochemicals valued at $17 billion per year, adding by March 2022, the figure will reach $24 billion.
“By completing the other 26 ventures by March 2026, Iran will be able to produce petrochemicals worth $37 billion per year.”
Mohammadi said the domestic petrochemical industry can help significantly boost the country’s foreign currency revenue thanks to the wide diversity in its products, its sustainability and the fact that it is faced with fewer export restrictions.