Petrochemicals have become Iran's biggest driver of foreign currency income from exports since US sanctions choked the OPEC member's crude sales, oil minister Bijan Zanganeh told an exhibition in Tehran Sunday.
Also addressing the opening ceremony of the Iran Plast international exhibition on Sunday, Behzad Mohammadi, the CEO of the National Petrochemical Company (NPC), said that Iran had already invested 53 billion dollars in its petrochemical industry.
Mohamamdi, who is also deputy petroleum minister for petrochemical affairs, further said that 3 accelerators, 15 startups and 36 knowledge-based companies had participated in the 13th edition of the fair this year.
He further said that the petrochemical industry of Iran received 33 million tons per year of feedstock which would mount to 62 mt/y by 2021 and was planned to reach 74 mt/y by 2025.
As reported, Iran’s petrochemical production capacity would exceed 100 million tons per year once the sector completed its under-construction projects by 2025.
Underlining the vitality of improving exports, Iranian Industry Minister Reza Rahmani announced on Saturday that current production level of petrochemicals in Iran is two times more than the domestic need for such products.