SAEDNEWS: Iran’s largest petrochemical company, the PGPIC, aims to increase its annual output by more than 15% this calendar year despite the continued pressure of US sanctions on the country’s petroleum industry.
According to SAEDNEWS, Iran’s largest petrochemical company, the Persian Gulf Petrochemical Industries Company (PGPIC), is setting ambitious goals for the upcoming year. Despite ongoing challenges from U.S. sanctions on Iran's petroleum industry, PGPIC is aiming to boost its annual production by over 15%.
On Sunday, CEO Abdulali Ali-Asgari announced that the company plans to reach an output of 28.6 million metric tons by the end of March. So far this year, from the start of the calendar until September 5, PGPIC has produced 12.8 million metric tons.
Ali-Asgari noted that PGPIC's output was at 20 million metric tons for the year ending March 2020, just after the U.S. tightened its sanctions on Iran's oil sector. Currently, PGPIC is the second-largest petrochemical company in West Asia and ranks 27th worldwide. The company aspires to break into the top 20 global petrochemical firms within the next five years.
Additionally, PGPIC is targeting annual sales of 5,090 trillion rials (approximately $8.6 billion) for the current year, a slight decrease from last year's target of 5,170 trillion rials. However, the company expects profits to rise significantly, forecasting earnings of 1,150 trillion rials ($1.95 billion), compared to 101 trillion rials from the previous year.
In terms of investments, PGPIC plans to allocate 500 trillion rials for the year ending in March, which is lower than the 720 trillion rials invested last year.
Overall, PGPIC is determined to enhance its production and profitability despite the ongoing economic pressures.
