31 August 2009
Iran plans to outrun Saudi Arabia in petrochemical output over the next decade, said deputy oil minister.
Iran needs $150 billion investment in its petrochemical sector to outrun Saudi Basic Industries Corporation (SABIC) and turn into the Middle East's biggest petrochemical producer, Adel Nejad-Salim told IRNA.
He added that Iran's share in Middle East's petrochemical output will stand at 34 percent by 2025.
"In the current year, Iran's petrochemical production capacity will increase to 39 million tons," he said.
At least 24 petrochemical projects worth $15 billion and with an annual production capacity of 16 million tons are underway across the nation.
Nejad-Salim said 46 petrochemical projects worth $25 billion will come on stream by 2015, adding that Mehr Petrochemical Complex came on stream with a joint investment of $240 million by Iran, Thailand and Japan.
He said the country will export petrochemical products worth $6 billion this year as against $3.2 billion in 2005. The figure reached 27.1 million tons and $8.2 billion in 2008.
Iran, Japan and Thailand signed an agreement to develop Mehr Petrochemical Plant in 2005. The deal took 48 months for completion as scheduled. Its production capacity is 300,000 tons of high-density polyethylene a year.
Iran holds 40 percent of shares and the rest belongs to Singapore Investment Union (Japan and Thailand).
Mehr Petrochemical Complex was inaugurated by President Mahmoud Ahmadinejad on Thursday. He was accompanied by Oil Minister Gholamhossein Nozari.
Iran plans to outrun Saudi Arabia in petrochemical output over the next decade, said deputy oil minister.
Iran needs $150 billion investment in its petrochemical sector to outrun Saudi Basic Industries Corporation (SABIC) and turn into the Middle East's biggest petrochemical producer, Adel Nejad-Salim told IRNA.
He added that Iran's share in Middle East's petrochemical output will stand at 34 percent by 2025.
"In the current year, Iran's petrochemical production capacity will increase to 39 million tons," he said.
At least 24 petrochemical projects worth $15 billion and with an annual production capacity of 16 million tons are underway across the nation.
Nejad-Salim said 46 petrochemical projects worth $25 billion will come on stream by 2015, adding that Mehr Petrochemical Complex came on stream with a joint investment of $240 million by Iran, Thailand and Japan.
He said the country will export petrochemical products worth $6 billion this year as against $3.2 billion in 2005. The figure reached 27.1 million tons and $8.2 billion in 2008.
Iran, Japan and Thailand signed an agreement to develop Mehr Petrochemical Plant in 2005. The deal took 48 months for completion as scheduled. Its production capacity is 300,000 tons of high-density polyethylene a year.
Iran holds 40 percent of shares and the rest belongs to Singapore Investment Union (Japan and Thailand).
Mehr Petrochemical Complex was inaugurated by President Mahmoud Ahmadinejad on Thursday. He was accompanied by Oil Minister Gholamhossein Nozari.
© Iran Daily 2009
