An Iranian deputy oil minister says the Islamic Republic plans to launch four petrochemical plants in the current Iranian calendar year (began March 21).
Iran’s Deputy Oil Minister for Petrochemical Affairs Abbas She’ri Moghaddam said that the completion and construction of development projects are among the main priorities of Iran’s National Petrochemical Company (NPC), and therefore four petrochemical plants will come on stream this year.
He further stated that the second phase of Kavian Petrochemical Complex in Iran’s southern province of Bushehr, as well as petrochemical complexes of Lorestan, Kordestan and Mahabad will be operational by the end of the current Iranian calendar year.
Iran plans to increase its petrochemical exports to $12 billion this year as sanctions against the Islamic Republic are eased in light of the implementation of the November 2013 interim deal between the Islamic Republic and the six world powers over Tehran’s nuclear energy program. Iran and the five permanent members of the UN Security Council -- the US, France, Britain, Russia, China -- plus Germany reached the deal on November 24, 2013, in the Swiss city of Geneva to set the stage for the full settlement of the dispute over Iran’s program. The deal took effect on January 20.
Under the Geneva deal, the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period. It was also agreed that no nuclear-related sanctions would be imposed on the Islamic Republic within the same time frame. Director for Planning and Development Department at NPC Hossein Shahriyari said earlier this month that Iran’s petrochemical sector enjoys ample opportunities that could be seized once the capital necessary for its development projects are provided.
“In recent years, the domestic sales of petrochemical products have increased considerably, and with the implementation of the new development projects, the petrochemicals production capacity will rise significantly,” he pointed out. Shahriyari further noted that $33 billion need to be invested in Iran’s petrochemical sector to help the industry further flourish, adding that the Islamic Republic could reap $26 billion once under-construction projects come on stream.