Iran Reports $3.39 Billion in Petrochemical Exports in First Quarter of 2024

According to SAEDNEWS, Secretary of Iran's Association of Petrochemical Industry Corporation, Ahmad Mahdavi, announced on Monday that Iran's petrochemical production reached a total of 20.41 million metric tons (mt) in the June quarter.

Mahdavi reported that exports comprised 7.74 million mt of this output during the three months leading to late June. He noted that domestic customers purchased nearly 3 million mt of products, while the remainder of the production was used as feedstock.

Looking ahead, Mahdavi expressed optimism that this calendar year's petrochemical exports from Iran would surpass the figures recorded for the year ending in March 2023.

Petrochemicals play a significant role in Iran’s non-oil export revenues, and the country has implemented incentives in recent years to bolster exports in this sector, aiming to raise total output to over 100 million mt annually. However, achieving this goal requires increased investment for new plant developments and a higher supply of natural gas feedstock.

Mahdavi mentioned that the Iranian central bank has committed to funding 11 new petrochemical projects, each with an investment value of under $50 million. He also highlighted that Iranian petrochemical companies are looking to invest around $8 billion in development initiatives within the oil and gas sector. This investment could potentially increase Iran's natural gas production by 200 million cubic meters per day, enabling petrochemical plants to boost their output significantly.