BAKU, Azerbaijan, December 23. Iran's petrochemical industry needs innovations to continue its activities, Iran's Deputy Oil Minister, CEO of the National Iranian Petrochemical Company Hassan Abbaszadeh said at recent PetroFen Exhibition in Tehran, Trend reports.
He asserts that the petrochemical industry's processes should undergo updates and improvements due to their long lifespan.
The deputy minister also said that Iran's petrochemical industry exports products worth $15 billion a year, and in exchange, various types of petrochemical products and equipment worth about $2 billion are imported.
Abbaszadeh added that petrochemical products are annually imported because they are not produced, and some of them are not mass-produced due to lack of technical knowledge.
Note that 72 petrochemical enterprises are currently operating in Iran. The potential of petrochemical production is 96 million tons per year.
In the next five years, the country will establish up to 61 petrochemical enterprises, investing $24 billion. The production potential of these enterprises will be 35 million tons per year.
Iran aims to increase its petrochemical production to 186 million tons over the next 10 years.
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