BAKU, Azerbaijan, August 6. Iran plans to elevate petrochemical production by 140 million tons by spending $100 billion on the construction of facilities under 144 petrochemical projects, Director of the Investment Department of the National Iranian Petrochemical Industry Company Hamidreza Ajami told local media, Trend reports.
According to him, more than 70 percent of the physical work has been completed in the construction of facilities under 20 projects with an investment of $11 billion. These facilities can manufacture 15.5 million tons of petrochemical products per year.
Ajami pointed out that a total of $22 billion will be spent on the construction of facilities under 32 projects. Currently, physical work at the petrochemical facilities is 20-70 percent complete. After commissioning these facilities, 29 million tons of petrochemical products will be manufactured.
The company official further articulated that the development of petrochemical infrastructure is progressing with an investment of $67 billion allocated across 92 initiatives. Within this framework, the tangible labor associated with the construction sector has reached an approximate completion threshold of 20 percent. Upon the operationalization of these facilities, the output of petrochemical production is projected to escalate by approximately 86 million metric tons.
“Cumulatively, an approximate allocation of $87 billion was directed towards the enhancement of Iran's petrochemical domain from 1978 through 2022,” he elaborated.
To note, 72 petrochemical enterprises are currently operating in Iran. The annual production potential of petrochemical products is 96 million tons.
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