12th Iran Petrochemical Forum opens
The 12th Iran Petrochemical Forum opened in Tehran today with 368 Iranian and 97 foreign companies from 25 countries in attendance.
More than 1500 representatives of domestic and foreign companies will be participating in the two-day event, Shana news agency reported on December 13.
Addressing the opening ceremony, Iranian Oil Minister Bijan Namdar Zanganeh said that the lifting of the sanctions will open up new horizons in the country’s petrochemical sector.
The private sector and cooperatives have been tasked with the development of the petrochemical industry, he said, adding that the most important issue in this regard is the sustainable provision of feedstock and the creation of infrastructures.
“Simultaneous with supporting domestic investors, we are willing to see foreign investors in this industry.”
To this end, one of the key decisions would be transferring the implementation of NGL projects to the private sector and cooperatives, he highlighted.
“We are insisting on launching propylene production units along with establishing downstream industries. Meanwhile, we are not going to export propylene, but we will export propylene byproducts.”
Referring to the need to have access to modern technologies, the minister said: “We welcome cooperation with first class companies in order to import technology.”
Direct foreign investment can pave the way for the development of the industry, he noted.
Ali-Mohammad Bassaqzadeh, the production control director at Iran's National Petrochemical Company, said on December 9 that Iran expects 8-12% rise in its petrochemical production capacity in the next Iranian fiscal year, which starts on March 21, 2016.
The country’s petrochemical output will exceed 47 million tons by the end of the current year, he added. Once 67 semi-finished petrochemical projects, which have progressed by 10-90%, are completed, the country’s annual petrochemical production will rise to 120 million tons. Moreover, implementing 36 new projects, which require $41 billion in investment, the capacity will surge to 180 million tons per year.