The CEO of the production capacity at Iran’s National Petrochemical Company (NPC), Behzad Mohammadi, announced that Iran’s petrochemical industry is expected to achieve revenues estimated at $50 billion (on Iranian calendar year 1406 basis), which will roll out in March 2027, Iran’s Shana news agency reported. This announcement came during Mohammadi speech in the ceremony of NPC’s new portal.

“By completing the projects defined in the second and third leaps, and the implementation of strategic projects defined in the fourth step of the smart development of the petrochemical industry, achieving a goal of generating $50 billion of revenue can be realized in the horizon of 1406,” Mohammadi elaborated.

The CEO added that the fourth leap will include the implementation of 47 major projects. These projects will be combined feed projects, new propylene production projects, and pioneering projects, according to Tehran Times quoting Mohammadi.

Additionally, he mentioned that cumulative investments in the petrochemical industry is expected to reach $125 billion by 2027 after implementing the fourth leap. He also added that several projects will start operation by 2025 which will let the feedstock consumption of the industry reach 2.3 million barrels per day (mmbbl/d).

Mohammadi noted that Iran added 25 million tons of its annual production during the last  year and it managed to supply 34 sellable products allowing to earn $15 billion.