Iran’s petrochemical exports to total $13bn in year to March: NPC chief

Iran’s petrochemical exports are expected to reach $13 billion in year to late March, according to the CEO of the country’s National Petrochemical Company (NPC).

News ID: 5771

Date: 14 January 2025 - 00:03

TABNAK, Jan 13: Hassan Abbaszadeh said on Monday that petchem exports by NPC subsidiary companies had amounted to $10 billion in the nine months to December 20.

Abbaszadeh said that Iranian petrochemical plants had also supplied some $10 billion worth of products to domestic customers in April-December, adding that a bulk of the domestic supply had been delivered to polymer producers, shoe and garment manufacturers, and detergent companies.

Exports of petrochemicals have accounted for a major part of Iran’s hard currency revenues since 2018 when the country came under an inclusive regime of US sanctions targeting its crude oil exports.

That comes as figures released in early November by Iran’s customs office (IRICA) showed that petrochemicals had accounted for 32% or $19.7 billion worth of exports from Iran in the April-December period.

IRICA figures cover all exports of petrochemicals from Iran, including shipments exported by companies outside of NPC’s control.

Abbaszadeh said that Iran eyes to increase its annual petrochemical production capacity to 131.5 million metric tons by 2028.

He said the country has already invested $12 billion to set up new plants and boost the industry's infrastructure, adding that another $12 billion will be earmarked for new petrochemical projects in the next four years.

The NPC chief also said that Iran has invested heavily in projects aimed at ending gas flaring in its oilfields as it is trying to supply more gas feedstock to its petrochemical plants.