Petchem Income to Dwarf Condensate Revenues: Official

Petchem Income to Dwarf Condensate Revenues: Official
(Saturday, November 12, 2022) 10:34

TEHRAN (NIPNA) -- Iran’s petrochemical industry will rake in millions of dollars once new petrochemical compounds come online in the country by 2025, which will dwarf revenues from export of gas condensate, a senior oil official said.

Hoshang Fallahtian, the Deputy Minister of Petroleum for Planning, said the production capacity of the petrochemical industry will increase from currently 94 million tons per year to 140 million tons by 2025, IRIB reported.

He said that the petrochemical industry is the largest industry in the country, and stated that the production capacity of the industry will reach 94 million tons this year from 52 million tons back in 2012.

This amount of production leads to about $18 to $20 billion of hard currency revenue, of which $8 billion, one third, will be used to meet domestic needs, and about $12 billion of net hard currency will be deposited on the NIMA FOREX System to be consumed by other sectors of the country.

67 petrochemical units operate in Iran.

The Deputy Petroleum Minister stated that the revenues from petrochemical products and the completion of the value chain will exceed $30 billion by 2025, and said: “As this value chain is completed, the national wealth will increase. If the gas is converted into methanol, each ton has a value of between $300 and $400. If the same methanol is converted into propylene or polypropylene in the value chain, the value will reach $900, which will have a value added of 300%. If this whole value chain is converted into mobile phone parts or other items, this value will reach more than $1,000.”

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