Iran's Petchem Projects under 7th Development Plan about 60% Complete

The managing director of the National Petrochemical Company (NPC) said petrochemical projects under Iran’s Seventh Development Plan are about 60% complete and that all targets set for the plan’s first year were fully achieved in 1403 (March 2024-25).

Speaking Sunday at the first Petrochemical Industry Investors Conference at the Oil Industry Conference Center in Tehran, Hassan Abbasszadeh said the petrochemical sector’s production capacity is expected to reach 131.5 million tons by the end of the Seventh Development Plan.

He said the plan calls for US$26 billion in investment, about US$13 billion of which has already been made, adding that projects covered by the plan are progressing at roughly 60%.

Abbasszadeh said 44 petrochemical projects have also been planned under the Eighth Development Plan, noting that securing financing for those projects is one of the industry’s top priorities.

The deputy oil minister said the petrochemical sector also posted strong performance in the first six months of the current year and expressed hope that new projects coming online by year’s end will add about 7 million tons to national production capacity. - Shana