Head of Iran’s National Petrochemical Company (NPC) unveiled a plan for construction of a new petrochemical hub in Mahshahr Petrochemical Special Economic Zone in order to add up to six million tons (mt) of new capacity to the zone.
As reported by IRNA, speaking in the annual general assembly of the Petrochemical Special Economic Zone on Monday, Behzad Mohammadi noted that NPC is seeking two main goals in Mahshahr zone, one of which is maintaining the current output levels and the other, which is more important and of higher priority, is development of the zone and attracting and facilitating investment.
“In Mahshahr's grand scheme, development of downstream and mid-stream industries is given great importance,” he said adding that the Zone’s development plan is going through revision and preparation.
In early June, NPC signed a memorandum of understanding with the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) for establishing a new petrochemical complex in Hormozgan Province adjacent to Persian Gulf waters.
According to IMIDRO Head Khodadad Gharibpour, by implementing 14 petrochemical projects in this petrochemical complex, 15 million tons would be added to the country's production capacity.
In December 2018, Mohammadi had announced that the company was planning to establish the country’s third biggest petrochemical complex following Asalouyeh and Mahshahr.
The new petrochemical hub was planned to be established by the oil ministry in collaboration with the ministry of industry, mining and trade.
In late May, Mohammadi said that Iranian oil ministry plans to complete 20 prioritized petrochemical projects across the country by the end of the Iranian calendar year of 1400 (March 2022).
The official noted that there were 64 petrochemical projects underway across the country with physical progresses between 20 and 99 percent.
Iran is currently producing nearly 56 million tons of petrochemicals each year of which 21 million tons is being exported to 30 different destinations across the globe.
Petrochemical industry is one of the most important pillars of Iran’s economy and one of the main suppliers of foreign currency especially euro for the country.