BAKU, Azerbaijan, June 8. Iran is developing its petrochemical sector despite the US sanctions, Director of the Planning and Development Department of the Iranian National Petrochemical Company (NPC), Hassan Abbaszadeh told Trend.
The director noted that currently, serious steps are being taken in Iran to develop the petrochemical industry.
According to Abbaszadeh, Iran's petrochemical production capacity is currently 90 million tons per year.
He added that the country’s petrochemical capacity could increase to 140 million tons in next 5 years (March 21, 2022 through March 20, 2027). A total of $35 billion is needed in this regard. So far, $8.5 billion has been invested in the country for this purpose.
“Meanwhile, over the second five-year period (March 21, 2027 through March 20, 2032), it is planned to spend $35 billion more to have Iran's petrochemical production capacity reach 200 million tons. Thus, Iran should spend a total of $70 billion within two 5-year plans,” Abbaszadeh said.
The director also pointed out that discussions are currently underway with some countries, even European countries, on investing in Iran's petrochemical sector. In this direction, some projects have been announced to businessmen of those countries.
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