Iran's PGPIC Petrochemical Company to Boost Production to 46 Million Tons in 4 Years
PGPIC’s Director for Planning and Business Development Hassan Neshanzadeh Moghaddam said that the installed capacity of the company is planned to hit 46 million tons per year by 2026, adding that at present, the PGPIC produces 28 million tons per year.
The PGPIC’s strategy under the new leadership is to reach Germany’s BASF, which is achievable due to the existence of huge feedstock resources and knowledge-based companies in Iran, he added.
He added that the installed capacity of the holding is currently 28 million tons per year, which will reach 33 million tons once three new projects come online in the near future.
Neshanzadeh Moghaddan noted that 75% of petrochemical industry equipment is already indigenized, adding, “We hope to improve this amount by 5% and reach 80% in one year. Currently, the use of domestic construction equipment in the two projects of Gachsaran and Yadavaran is more than 80%.”
China has been the top customer of Iranian petrochemical shipments in recent years while exports to countries in the region have also surged since the United States imposed its sanctions on Iran in 2018.
The expansion of the Iranian petrochemical sector has also led to a significant rise in the number of jobs in the country. Estimates suggest the number of direct jobs in the sector is more than 920,000 compared with a total of 107,000 direct jobs registered in the upstream sector of the oil and gas industry in Iran.
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