Iran is showing no signs of slowing its drive to grow its petrochemical industry, with a senior decision-maker stating that plans are underway to increase the country’s petrochemical production capacity up to 120 million tonnes per year by 2021.
This would mean Iran’s petrochemical production capacity gaining ground against the GCC region, which produces over 140.5 million tonnes per year according to the latest figures from the Gulf Petrochemicals and Chemicals Association.
Saudi Arabia, however, is Iran’s biggest rival within the GCC, producing 76 million tonnes of petrochemicals a year.