NEWS
Petrochemical  

ICCIM Highlights Petrochem Export Potential

The completion of value chain in the petrochemical industry, which calls for developing the downstream sector, will further increase revenues from exports, a member of Iran Chamber of Commerce, Industries, Mines and Agriculture said on Monday.

“As Iranian petrochemicals have foreign customers, the country can improve foreign currency revenues by completing the value chain,” Seyyed Hossein Salimi was also quoted as saying by NIPNA.

Tehran’s foreign exchange market recently heated up, as the rial weakened against the dollar. The greenback is being traded at 48,000 rials.

"As the downstream sector of the petrochemical industry has higher potential to create jobs than the upstream, the administration should focus on complementary industries to raise the employment rate," he said.

“Improving the business climate, participation of foreign banks in Iranian projects, healthy bank rating and attraction of foreign finance and state-of-the-art technologies are some of the main factors that can boost domestic production.”

Petrochemicals accounted for 34.7% of Iran’s non-oil exports in the last fiscal year (ended March 2017). The industry has achieved continuous growth in the past five years, such that petrochemical complexes have increased to 53 plants from 43, installed capacity has reached 64.9 million tons per annum from 59.8 million tons and production has hit 44 million tons from 41.3 million tons per year.

 No Immediate Employment Plans

Salimi pointed out that there are no immediate plans to create jobs, adding that by making investments in a wide range of industries, including petrochemicals, and raising production, Iran can create sustainable employment.

“Paperwork is another impediment to investment, production and improvement of business climate, which should be reduced to increase the pace of making decisions,” he said. 

Most Iranian petrochemical infrastructures are in southern regions close to the Persian Gulf where water supply is less of a concern and proximity to international waters makes shipment more cost-effective. Iran holds some of the world's largest crude oil and natural gas reserves, but its petrochemical industry is comparatively underdeveloped.

Tehran says its new petrochemical ventures require over $70 billion in investments that should mostly come from foreign sources. Rasoul Afsharzadeh, an official of Persian Gulf Petrochemical Industries Company, said earlier this month 10 petrochemical projects worth about $9 billion are being developed by the company, which have made 10-90% physical progress. National Petrochemical Company aims to expand Iran's petrochemical production map under a plan covering new investment areas from West Azarbaijan Province to central and southern regions across the Persian Gulf coast.

News No: 1931
Date: 2018/02/13 - 22:26
News Source: Financial Tribune

ICCIM  petrochemicals  Persian Gulf  National Petrochemical Company 

Comments:

Leave a Comment:

   
   
   
 

Japan's Fuji Oil Plans to Resume Iran Oil Loadings from January

Japanese refiner Fuji Oil Co is set to resume Iranian crude purchases after Japan received a waiver from US sanctions on Tehran, industry sources familiar with the matter said.
 

Asia petrochemicals outlook, w/c Nov 19

Supply of propylene, benzene and styrene monomer was expected to remain ample in the Asian petrochemical market this week, while the US-China trade tensions continues to cast a pall over high density polyethylene as orders for toys, plastic bags and packaging material are canceled.
 

Iran in Talks with Oman on Gas Exports

A senior Iranian energy official announced that the country is holding negotiations with Oman to export gas to the Persian Gulf Arab state.
 

Iran, Estonia Address Low Level of Bilateral Trade

Iran and Estonia discussed ways of boosting lackluster trade levels.The issue was discussed during a meeting between Estonia's Ambassador to Iran Marin Mottus and the Iran Chamber of Commerce, Industries, Mines and Agriculture's deputy for international affairs, Mohammad Reza Karbasi.
 

Losing Streak, Oil Enters Bear Market

Oil’s set for its longest stretch of declines on record after entering a bear market, with investors awaiting a weekend meeting of OPEC and its allies to discuss output strategy.
 

Iran, Oman Stress Widening of Mutual Cooperation

Senior Iranian and Omani officials in a meeting in Tehran underlined the need for boosting bilateral relations in different fields, specially in trade, economic and banking sectors.
Upcoming Events
Find a Job !
Tenders
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners