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Iran needs $31b to inaugurate 60 petrochemical projects

Source: Tehran Times

Iran needs $31 billion to inaugurate 60 semi-finished petrochemical projects, the National Iranian Petrochemical Company's managing director said on Monday.

To date, just $5 billion is estimated to be spent in the projects, the Mehr News Agency quoted Abbas Sheri Moqaddam as saying.

Once the projects come on stream, they will increase the country's annual petrochemical output by 55 million tons, he said, adding that $74 billion is needed to expand the national petrochemical industry in the next 8-10 years.

The value of Iran's annual petrochemical output may double to $40 billion, Oil Minister Bijan Namdar Zanganeh said in September 2013.

For the time being, the value of domestic petrochemical products per year is about $20 billion, he said, hoping that the figure would increase to $40 billion.

Between 1996 and 2006, the first surge in the value of petrochemical output occurred, so that the annual production increased from $1 billion to $20 billion, IRNA quoted Zanganeh as saying.

In the second surge, the figure will reach $40 billion, he added.

Iran exported about $12 billion worth of petrochemical products in the previous Iranian calendar year (March 2012-March 2013).

East Asia, Central Asia, Southeast Asia, and Africa were the main destinations of Iran's petrochemical products.

According to officials, the country's petrochemical output is projected to hit 100 million tons by 2015.

In an interview with The Wall Street Journal in January, Mohammad-Hossein Peyvandi, deputy head of Iran's state-controlled National Petrochemical Co., said ending a ban on selling petrochemical technologies to Iran would "have an impact on European countries.

"Historically, we have relied more on the European market for technologies," he said, citing Italy, France and Germany as potential beneficiaries.

Mr. Peyvandi said Iran's petrochemical sector will spend $70 billion in the next 10 years, though he said the plans are partly contingent on sanctions being lifted.

As a result, he said, Iran's petrochemicals sector could generate an annual $50 billion in revenues by the next decade, up from $21 billion in the last Persian year ended March 2013, he said.

Iran agreed with world powers including the U.S., UK, France, Russia, China and Germany to limit its nuclear program in return for an easing of some sanctions on oil, auto parts, gold and precious metals in a Nov. 24 agreement signed in Geneva.

... Payvand News - 02/20/14 ... --

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