Petchem Industry Crucial for Iran Economy: CEO of Shasta Company

Petchem Industry Crucial for Iran Economy: CEO of Shasta Company
(Tuesday, May 2, 2023) 23:24

TEHRAN (NIPNA) -- The CEO of the Social Security Investment Company (Shasta), Ebrahim Bazian, emphasized the value of Iran's petrochemical industry in the country's economy during the 14th Iran Petrochemical Forum.

Bazian highlighted that this industry has brought in more than $50 billion in hard currency for the country in the last five years and has played a crucial role in supporting Iran's economy during times of international sanctions.

Bazian pointed out that Iran's first petrochemical complex was established in Fars province in 1955, and today, the country's petrochemical industry has an installed capacity of 92 million tons, which is expected to increase to 95 million tons by the March 2024.

The CEO of Shasta Company also stated that this capacity could be increased one and a half to two times in the intermediate perspective to bring balanced development to the upstream, intermediate, and downstream sectors.

However, Bazian acknowledged that Iran's petrochemical industry faces challenges that need to be addressed to maintain its value-creating role in the country's economy.

He emphasized the importance of solving these challenges and redesigning the architecture of the sector to rely on the country's capabilities and opportunities.

The CEO of Shasta Company also stressed the need for strategic planning to improve Iran's position in the region and the international system.

He called for everyone's participation and paying more attention to the capital market for the development of petrochemical projects.

Bazian highlighted that the value chain of Iran's petrochemical industry is one of the most important value chains in the country's production process, and its effectiveness for Iran's economy is evident from the significant hard currency it has brought in for the country in recent years.

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