BAKU, Azerbaijan, November 27. Iran is working to increase the role of the private sector in its petrochemical industry, with the National Petrochemical Company taking steps to encourage greater investment, said the country’s Deputy Oil Minister and CEO of the National Iranian Petrochemical Company (NIPC), Hassan Abbaszadeh, Trend reports.
Speaking at an event in Bushehr Province marking the launch of two petrochemical facilities on November 26, Abbaszadeh noted that Iran has invested a total of $92 billion in the petrochemical sector to date, with the private sector contributing only 15 percent. While this contribution is notable, he stressed, increasing private sector interest in the industry remains a key focus.
He added that the two newly launched facilities were built with private sector investment and emphasized that such initiatives need to expand further across the country. The first plant, backed by a $56 million investment, can produce 120,000 tons of polystyrene annually, while the second, with $32 million in investment, can produce 50,000 tons per year.
At present, there are 72 active petrochemical entities
functioning within the Iranian market landscape. The yearly
production capacity of petrochemical commodities stands at 96
million metric tons.
In the forthcoming quinquennium, a total of 61 petrochemical
facilities are slated for establishment within the national
landscape, backed by a substantial capital infusion of $24 billion.
The yearly output capacity of these entities is projected to reach
35 million metric tons.
The objective is to elevate Iran's petrochemical output to 186
million metric tons within the forthcoming decade.
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