BAKU, Azerbaijan, November 29. Iran’s petrochemical industry has made significant progress in domestic production of equipment and supplies since the current government took office in Iran (August 2021), Iranian Deputy Oil Minister and CEO of National Petrochemical Company (NPC), Morteza Shah-Mirzaei said, Trend reports.
The deputy minister noted that about 80 percent of the equipment and supplies needed in Iran's petrochemical industry have been provided by domestic production since August 2021.
He said that out of the $10 billion spent on petrochemical equipment and supplies in Iran, $8 billion were sourced from local companies.
He also said that 15 percent of the locally purchased equipment and supplies were produced for the first time under the current government.
Shah-Mirzaei stated that the government’s goal is to reduce dependence on foreign sources and increase self-reliance in the petrochemical industry.
As reported, Iran’s petrochemical production capacity is currently 92 million tons per year and is expected to reach 95 million tons by the end of the current Iranian year (March 19, 2024).
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