Africans eager to buy Iran's petrochemical products; production will reach 131 million tonnes by 2029

Pars Today – The managing director of the national petrochemical industries corporation (NPIC) of Iran has talked about the enormous capacity for cooperation with African countries within the petrochemical industries sector.

According to a Pars Today report, the managing director of the National Petrochemical Industries Corporation (NPIC) of Iran, Hassan Abbaszadeh, speaking at the third Iran-Africa cooperation conference on Sunday, emphasized that Iran's total petrochemical production has reached a new milestone of "100 million tonnes per year".  He estimated that this figure will increase to 131 million tonnes per year by 2029, with 67 new projects being implemented.

Speaking at the conference, Abbaszadeh added: "About 70 percent of Iran's petrochemical products are exported and the possibility of upgrading cooperation with African countries, for example, with regards to providing petrochemical feedstocks or exporting urea and methanol is certainly possible.

Referring to the activities of 73 petrochemical complexes (production sites) and 3 electricity-generating power stations and utilities, Abbaszadeh added: "Nominal (petrochemical) production in Iran has reached 97 million tonnes, and when new projects come on-steam, having invested 26 billion dollars in these projects, we estimate that out production will increase to 131 million tonnes per year by 2029.

Abbaszadeh further stressed: "Production of polymers with increase from the current 9 million tonnes to 32 million tonnes by 2034, the main purpose of which is to substantially increase "added value" in this industry.

The managing director of the national petrochemical industries corporation (NPIC) talked about Iran's expanding export capacities adding: "In the past year our polymer exports have earned $ 2.8 billion, methanol exports $ 2.2 billion, and urea $ 1.7 billion".

Abbaszadeh also stressed that Iranian companies, such as Parsian Oil and Gas company and the Persian Gulf Trade and Industry Corporation, are ready to develop and expand their commercial and business ties with African nations.

MD/MG