BAKU, Azerbaijan, January 23. In recent years, up to $30 billion has been invested in the Petrochemical Special Economic Zone in Mahshahr, Khuzestan province, in southern Iran, Iran's deputy oil minister and executive director of the National Petrochemical Industries Company, Hassan Abbaszadeh, told reporters, Trend reports.
According to him, about $80 billion has been invested in Iran's petrochemical sector in general.
Abbaszadeh added that 27 percent of the country's petrochemical production potential belongs to Iran's Mahshahr Petrochemical Special Economic Zone. This zone has its peculiarities in economic and commercial terms.
The deputy minister noted that during the current Iranian year (from March 20, 2024, through March 20, 2025), the burning of flare gases produced along with crude oil will be prevented. Thus, about 4 million cubic meters of gas will be supplied daily to the plants to increase feedstock for petrochemical plants, including the Mahshahr Petrochemical Special Economic Zone.
At the same time, there are 72 petrochemical enterprises up and
running in Iran. The capacity for petrochemical production stands
at a staggering 96 million tons annually.
In the coming five years, the country is set to roll out 61
petrochemical enterprises, with a hefty investment of $24 billion
on the table. The output capacity of these businesses is set to
reach 35 million tons annually.
To note, over the next 10 years, Iran's petrochemical production is set to increase to 186 million tons.