May 20 2010 |
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Petchem Exports Up
The petrochemicals industry has become an important aspect of Iran's non-oil economy and the basis of the country's economic diversification.Around 40 percent of non-oil exports totaling $6.5 billion were from the petrochemicals industry in fiscal year 09/10. This can attract foreign investment in the country.
BMI estimates that Iranian petrochemicals output totaled approximately 30 million tons in 2009/10, an increase of 13% year-on-year (y-o-y).
Output has been boosted by increased capacity and domestic demand faring better than expected. Ethylene exports from Iran plunged in 2009 to about 450,000 tons per annum (tpa) from 700,000 tpa in 2008.
A $25 billion investment outlay is planned for 2010/11 to help meet these targets, with the beginning of the construction of 46 new petrochemicals projects adding 50 million tpa to capacity. Twenty-nine projects are already being built at the cost of $18 billion, adding 22.5 million tpa to current production capacity.
In Q1 2010, NPC commissioned six petrochemical complexes in Assalouyeh, on the southern coast of Iran, including a complex with capacity for 645,000 tpa of ethyl benzene and 600,000 tpa of styrene belonging to NPC subsidiary Pars Petrochemical; a 1.65 million tpa methanol complex owned by Zagros Petrochemical; and a 245,000 tpa butadiene plant operated by Jam Petrochemical . Several new jetties at the Pars petrochemical port in Assalouyeh were also completed, bolstering its position as one of the major specialized ports in the Middle East for exporting petrochemicals products. It has the capacity to export 35 million tpa of liquid and solid products.
In April 2010, Oil Ministry announced that work was underway on the privatization of the refining sector. Oil Minister Masoud Mirkazemi told Mehr News Agency that "all petrochemical units and refineries" will be sold to private hands.
Privatization is being carried out under the terms of Article 44 of the Iranian constitution, which requires 80% of the country's state-owned companies to be sold.
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