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    Iran is geared up to reach a petrochemical output of 180 million tons by 2022 despite the falling oil prices in world markets

    Iran to Triple Petrochemical Production to 180Mln Tons by 2022: Reports

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    Iran is geared up to reach a petrochemical output of 180 million tons by 2022 despite the falling oil prices in world markets, the Shana Petro Energy Information Network reported Monday citing deputy head of Iranian National Petrochemical Company (NPC) Mohammad Hassan Peyvandi.

    In this photo released by the Iranian Presidency Office, President Hassan Rouhani attends an interview with the state-run TV in Tehran, Iran, on Monday, Oct. 13, 2014
    © AP Photo / Iranian Presidency Office, Mohammad Berno
    MOSCOW, December 29 (Sputnik) — According to the Shana Petro Energy Information Network, Peyvandi pointed out that by the end of 2022 the production of petrochemical products is expected to reach 180 million tons to meet the demand of existing petrochemical plants and refinery complexes under construction. The country's current petrochemical output stands at about 60 million tons annually.

    The Iranian official further stressed the need for increase in petrochemical industry production volumes in order to make the NPC's petrochemical complexes in Iran less dependent on liquid feedstock.

    The news comes amid growing concern in Iran that the drop of crude oil prices on global markets will affect the domestic production of petrochemicals.

    On Sunday, the NPC's spokesman called for the establishment of a petrochemical body within the OPEC framework to handle the issue of falling prices.

    "Given the membership of most Middle East oil producers in OPEC, a petrochemical body within this organization is for the first time proposed to be set up," the NPC's deputy head was quoted as saying by Shana, Sunday.

    Peyvandi also claimed that current crude oil price will result in a slump in naphtha prices as well, according to the Shana.

    Global oil prices have been declining over the last three months. In late November OPEC decided to keep production volumes unchanged, which exacerbated the fall in global oil prices.

    According to OPEC's Annual Statistical Bulletin 2014, Iran is currently OPEC's third largest oil producer. Meanwhile, the NPC is the second largest exporter and producer of petrochemicals in the Middle East after Saudi Arabia.

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