The Petrochemical Value Chain to be Completed in the Next 7 Years

According to the Deputy Minister of Oil and CEO of the National Petrochemical Company, one of the strategic approaches of Iran's petrochemical industry is the balanced development of the industry through the completion of the value chain. It is hoped that within the next seven years, the country's petrochemical product value chain will be completed.

According to NIPNA, Morteza Shahmirzaei, Deputy Minister of Oil and CEO of the National Petrochemical Company, said at the opening ceremony of the 6th Middle East PharmEx International Exhibition that one of the strategic goals of the Iranian petrochemical industry is the balanced development of the industry through the completion of the value chain

The Deputy Minister of Petroleum for Petrochemical Affairs stated that the petrochemical products chain will be completed within the next seven years. He emphasized that, as the Supreme Leader has stressed the importance of preventing the sale of raw and semi-processed products, the Ministry of Petroleum's policy is to complete the value chain in the petrochemical industry. Accordingly, a comprehensive document has been prepared and issued.

Highlighting the over six-decade history of the petrochemical industry in Iran, he added: Prior to the Islamic Revolution, Iran's petrochemical industry produced a total of 1.6 million tons, limited to the production of only 12 products. However, today, the production capacity of Iran's petrochemical industry with a diverse product portfolio has surpassed 95 million tons per year.

Highlighting the petrochemical industry's position as the top exporter of non-oil goods in the country, the Managing Director of the National Petrochemical Company (NPC) announced: With the official inauguration of six petrochemical projects last week and the planned launch of 15 more by the end of the year, the total production capacity of the petrochemical industry will reach 100 million tons per annum.

Shahmirmai identified ensuring a stable feedstock supply and addressing the existing imbalance as one of the key strategies to fully realize the petrochemical industry's production plan. He further elaborated, "Effective energy management and optimal utilization of available resources can help alleviate part of the current imbalance, making more feedstock available to the industry.

The petrochemical industry provides over 70% of the raw materials used in the pharmaceutical industry.

Emphasizing Iran's transformation into a hub for base and petrochemical production, the Deputy Minister of Oil for Petrochemical Affairs stated, "One of the petrochemical industry's notable achievements is the domestic supply of over 70 to 80% of raw materials for pharmaceutical industries.

He emphasized, "If we can connect the drug supply chain from base materials and petrochemicals to active pharmaceutical ingredients by producing intermediates, we will have taken a significant step towards self-sufficiency in medicine in the country.

Inviting companies and healthcare professionals to invest in the petrochemical industry, he stated, "Any investment in petrochemical projects can lead to the creation of greater added value by completing the chain and meeting the needs of the healthcare sector.

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