PGPIC Petrochemical Company Brings $4bln to Iran’s Economy in 6 Months

“PGPIC is the only company in the field of petrochemicals that is prominent in the world and ranks 23rd among the top 100 chemical companies in the world from 37th ranking in the past,” Abdol Ali Ali Askari was quoted by Shana as saying.

Referring to the importance of the petrochemical industry as one of the national advantages, he noted, “This industry can provide a lot of value to the country by creating development in production and downstream industries despite the sanctions.”

Ali Askari further said that the country’s petrochemical industry has generated nearly $10 billion in the first half of the year of which $4 billion was generated by PGPIC.

He stated that the annual production of petrochemical products in PGPIC increased from 20.5 million tons in the fiscal year ending June 21, with an 8.2 percent growth, to 22.2 million tons with the same number of complexes, and added, “The total sales amount of this company also increased from 165,000 billion tomans with 86% growth to 307,000 billion tomans in the mentioned period.”

Pointing out that the annual consolidated profit of PGPIC has grown by 41% from 67.4 trillion tomans on June 21, 2021 to 94.8 trillion tomans on June 21, 2022, he said, “The profit of the main company also increased from 38. 7 trillion tomans with a 44% growth to 55.8 trillion tomans.”

The CEO of Persian Gulf Petrochemical Industries Company stated that the exports value of petrochemical products of this company has increased by 87% from 2.78 billion dollars to 5.2 billion dollars in the financial year ending on June 31, 1401.

He pointed to 28 ongoing projects worth $15 billion in PGPIC, and said, “These projects include 12 huge and main projects, 8 inter-complex projects and 8 projects in Petrol.”

Ali Askari said the projects include Persian Gulf Yadavaran Gas Refining Project, Hengam Petrochemical Project, Gachsaran Petrochemical Plant, Persian Gulf Apadana Petrochemical Plant, Dehdasht Petrochemical Industries, improvement and construction of flare gas collection facilities, Gachsaran Polymer Industries, Ibn Sina Andimshek Petrochemical Plant, PDH/PP Pars Petrochemical Plant, PDH/PP Persian Gulf Bedbland Gas Refining, and Mahshahr Morvarid Petrochemical Plant and Persian Gulf Hormuz Petrochemical Plant.

The PGPIC has been blacklisted by the US as part of Washington’s efforts to deprive Iran of its lucrative oil sector revenues.However, growing sales of the company in the past three years have played a major role in Iran’s efforts to offset the impacts of American sanctions on the country’s economy.

Iran has relied on petrochemicals as a major source of earning hard currency in recent years as the country has been facing a series of tough American sanctions targeting its direct exports of crude oil.

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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