At the third Iran-Africa cooperation conference, it was announced that the country’s annual petrochemical output has now surpassed 100 million tonnes, with projections indicating a rise to 131 million tonnes by 2029. This growth will be supported by 67 new projects currently in development.

The official highlighted that around 70 per cent of Iran’s petrochemical products are exported, with significant potential to expand trade relations with African nations. Key areas of collaboration could include supplying petrochemical feedstocks as well as exporting urea and methanol, which are in high demand.

With 73 active petrochemical complexes and three dedicated power plants, Iran’s current nominal production capacity stands at 97 million tonnes. An investment of US$26 billion in upcoming projects is expected to boost output to the projected 131 million tonnes annually within the next five years, as reported by Pars Today, a partner of TV BRICS.

In the past year, Iran’s petrochemical exports have generated substantial revenue, including US$2.8 billion from polymers, US$2.2 billion from methanol, and US$1.7 billion from urea. The official also expressed readiness to strengthen business and trade partnerships with African countries, emphasising mutual economic benefits.

African Times published this article in partnership with International Media Network TV BRICS