Published on July 27, 2016
Leading petrochemical nation Iran is in talks with Mitsui and Total SA to push foreign investment in the country to produce more petrochemicals in next decade. State-run National Petrochemical Co. plans to increase output capacity to 150 mln metric tons a year by 2026, as per Managing Director Marzieh Shahdaei. That means completing 55 unfinished projects and 28 new production facilities. If it succeeds, Iran would be producing more than twice the current output of Saudi Basic Industries Corp. Iran is seeking to upgrade and expand its energy industry, including petrochemicals, in a drive to rebuild its economy after the easing of international sanctions in January. The Persian Gulf nation has boosted crude output since then to near pre-sanctions levels and ramped up production of natural gas. Iran holds the world’s largest reserves of gas, a raw material for petrochemicals.