good news iran: Iran eyes $14b petchem revenue
The Deputy Minister of Petroleum for Petrochemical Affairs announced the supply of 12.5 billion dollars from the export of petrochemical products by the end of the current calendar year, which began on March 21, and said, “Export revenue is expected to reach 14 billion dollars by the end of the year in the petrochemical industry.”
Morteza Shahmirzaei told reporters on Tuesday, “The nominal capacity of Iran’s petrochemical industry in 1979 was about 3 million tons, and only seven complexes operated in the country prior to the revolution but today 68 petrochemical complexes are active in Iran.”
He stated that by the end of the current calendar year, which began on March 21, 65 million tons of petrochemical products will be produced, of which about 25 million tons will be consumed by petrochemical plants as feedstock and exports will reap roughly $14 billion in revenue.
The CEO of the National Petrochemical Company stated that 75% of the feedstock of the petrochemical industry is gas and in the cold season, with the increase in domestic demand, restrictions are created for the industries.
Shahmirzaei further announced the inauguration of the Ibn Sina petrochemical project in the near future, and said, “By the end of the year, $12.5 billion of foreign exchange will be offered to the Nima system.”
NIMA is the Persian acronym for an online currency system launched by the Central Bank of the Islamic Republic of Iran (CBI) in April 2018. Put simply, it’s a market where Iranian exporters can sell their foreign currency earnings for Iranian rials.
He pointed to the extension of the Sixth Development Plan for another year, and said: “The nominal capacity of the petrochemical industry is expected to reach 104 to 105 million tons by the end of the next calendar year with the completion of projects.”