Iran is expected to turn out 51 million tons of petrochemical products by March 2015

up around 25 percent year on year, a petrochemical official says. “Given [our] plans, [Iran’s] petrochemical production is projected to exceed 51 million tons this [Iranian calendar] year (ending March),” Hossein Shariyari, deputy head of the National Petrochemical Company for planning and development, said on Tuesday.

He said the planned 51 million tons are expected to bring Iran some USD 35 billion, including USD 14 billion through exports. Iran produced 40 million tons of petrochemicals in the last calendar year which ended on March 20. “Iran’s petrochemical industry... is accelerating and developing and it is hoped that with the attraction of fresh investment, the road to development would become smoother than before,” Shariyari said.

Last month, Shahriyari said USD 33 billion need to be invested in Iran’s petrochemical sector to help the industry further flourish, adding that the Islamic Republic could reap USD 26 billion once under-construction projects come on stream. Iran is determined to become the biggest petrochemical producer in the Middle East.

The country has significantly expanded the range and volume of its petrochemical production over the past few years, and the NPC has become the second largest producer and exporter of petrochemicals in the Middle East after Saudi Arabia.