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Iran moves from oil to petrochemicals in export

- Country launches 3 major petrochemical projects worth $1.6B to boost non-oil revenue

home > Refining/Petro Chemistry, Invesments, Middle East-Africa 08.08.2020 10:47 Övunç Kutlu

Iran moves from oil to petrochemicals in export

To reduce the overwhelming dependence on crude oil exports, which have been hit hard by sanctions, Iran is slowly shifting focus towards petrochemicals, the country’s second-largest export industry.

Three major petrochemical projects worth $1.6 billion were inaugurated on Thursday as part of efforts by the Iranian government to boost non-oil revenue at a time when oil exports have plummeted.

The southern Bushehr province houses Kimia Pars Middle East Petrochemical Plant -- with an annual production capacity of 1.65 million tons of methanol -- and Kaveh Petrochemical Plant -- the largest methanol producer complex in the world with a daily production of 7,000 tons -- according to Shana, a news portal associated with the Oil Ministry.

The country's Lorestan Petrochemical Catalyst Production Unit, which has an annual production capacity of 100 tons of catalysts required to produce polyethylene, is located in the western Lorestan province.

In a clear indication that Iran is vigorously pushing ahead with petrochemical sales, Oil Minister Bijan Zanganeh said 13 more projects would be launched by March 21, 2021 -- the end of the current Iranian fiscal year.

The total investment in new projects by the end of next fiscal year -- March 21, 2022 -- Zanganeh added, would be $17 billion (27 projects), which will go further up to $37 billion in the next four years.

President Hassan Rouhani, who attended the ceremony through video-conference, said new petrochemical projects would help the country’s 'non-oil revenue, self-sufficiency and employment.'

Iran’s economy, traditionally dependent on oil exports, has withered in recent years with the US government reinstating crippling economic sanctions.

As a viable alternative to oil exports, the government sees potential in the production and sale of petrochemicals. A total of 55 Iranian petrochemical companies produced 31 million tons of petrochemical products in the last fiscal year that ended on March 21, while exports generated $9.5 billion in revenue.

Of the total output, 23 million tons were exported to international markets and 8 million tons sold inside the country. The total revenue generated from its sale stood at $14.5 billion, according to the Oil Ministry's news portal.

The foreign export of 23 million tons of petrochemicals in the last fiscal helped in compensating for the loss of 20% oil revenue due to sanctions, according to officials.

Oil Minister Bijan Namdar Zangeneh said Iran’s petrochemical production capacity had doubled since Rouhani took office in 2013, adding that the aim was to triple the production capacity by 2025.

While figures may paint a rosy picture, not everything is hunky-dory though. This industry too has come under the hammer of sanctions.

Earlier this year, four international petroleum companies faced US sanctions for allegedly exporting oil from the Iranian National Oil Company.

Before that, in June 2019, the US government had sanctioned Iran’s largest petrochemical group, Persian Gulf Petrochemical Industries Company, accusing it of providing “financial support” to the Islamic Revolutionary Guard Corps.

The tensions between Iran and the US escalated after President Donald Trump announced a unilateral exit from the 2015 Iran nuclear deal in May 2018 and reinstated sanctions that had been eased by his predecessor.

Iran’s oil industry has been hit hard by the sanctions, with many countries cutting down oil imports from Iran, fearing backlash from the US. The petrochemical industry has filled that gap, only to some extent.

By Syed Zafar Mehdi

Anadolu Agency

energy@aa.com.tr


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30.04.2020 Refining/Petro Chemistry , Americas

Low liquidity, limited storage push WTI below zero: EIA

- As of April 17, crude oil inventories in Cushing, Oklahoma totaled 60 million barrels, implying crude storage was 76% full
30.04.2020 Refining/Petro Chemistry , Stock Market , Americas

Oil up as US crude stocks due to fall short of estimate

- US estimates addition of 9.98 million barrels in crude stocks, but market estimate is rise of 10.62 million barrels
30.04.2020 Refining/Petro Chemistry , Stock Market , Americas

Brent oil may soon hit below $10 a barrel: Experts

- Brent to continue to fall under weight of oversupply across globe as storage space runs out, one expert says
22.04.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Asia , Americas

Saudi Aramco refutes reports of change in payment terms

- Some media outlets report firm offered Asian, European refineries the right to delay crude cargo payments for up to 90 days
16.04.2020 Refining/Petro Chemistry , Oil , World

US crude oil inventories show strong rise

- Commercial crude oil stocks rose by 19.2 million barrels, compared to market estimate of 11.7 million barrels increase
18.04.2020 Refining/Petro Chemistry , Americas

Brent oil trading below $30, after 6% drop on Tuesday

- With low oil consumption and rising oversupply, producers are having hard time storing excess amounts of crude
15.04.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Americas

US to award 23 million barrels oil storage for 9 firms

- Most deliveries to be received in May and June 2020, with possible early deliveries in April, US energy secretary says
15.04.2020 Refining/Petro Chemistry , Oil , Americas

OPEC deal to prevent global oil storage rise: Experts

- Curbs would slow build-up in storage and avoid supply surplus over second quarter, one analyst says
11.04.2020 Refining/Petro Chemistry , Energy Security , Americas

Oil prices down as OPEC meeting postponed

- Teleconference to be held on Thursday as tensions between OPEC+ heavyweights Saudi Arabia, Russia continue
06.04.2020 Oil , Refining/Petro Chemistry , Energy Security , International Organization , Energy Projects

US crude oil inventories show strong increase

- Commercial crude oil stocks rose by 13.8 million barrels, compared to market estimate of 4 million barrels increase
03.04.2020 Refining/Petro Chemistry , Americas

Oil prices down with US crude buildup estimate

-Crude stocks in US are estimated to have risen by 10.48 million barrels, higher than market expectation of 4 million barrels
01.04.2020 Refining/Petro Chemistry , Stock Market , Americas

Turkey's oil imports up 12.7% in January 2020

- Production of oil refinery products increases by 23.72% to 2.88 million tonnes in January 2020
28.03.2020 Oil , Downstream , Refining/Petro Chemistry , International Organization , Energy Projects , Turkey

US crude oil inventories show less-than-expected rise

- Commercial crude oil stocks rose by 1.6 million barrels, compared to market estimate of 2.77 million barrels increase
26.03.2020 Refining/Petro Chemistry , Americas

Total to release urgent action plan for low oil prices

- Total aims to combat low oil prices due to coronavirus outbreak
24.03.2020 Oil , Refining/Petro Chemistry , Europe

‘Crude oil to outrun storage capacity in few months’

- Production outstrips demand by 6 million barrels per day, equal to 2 billion barrels storage needed in 2020: Rystad Energy
23.03.2020 Upstream , Downstream , Refining/Petro Chemistry

Developing states to lose up to 85% oil, gas pay in '20

- Heads of International Energy Agency, Organization of Petroleum Exporting Countries discuss global oil markets over phone
18.03.2020 Upstream , Downstream , Refining/Petro Chemistry

Turkey halts ethanol-mixed fuel for more disinfectants

- Move to raise ethanol production capacity to boost disinfectant production as measure against spread of coronavirus
16.03.2020 Refining/Petro Chemistry , Oil , Turkey

US crude oil inventories show more-than-expected rise

- Commercial crude oil stocks rose by 7.7 million barrels, compared to market estimate of 2.3 million barrels increase
12.03.2020 Refining/Petro Chemistry , Americas

Low oil prices to curb Turkey's $12B energy imports

- Inflation to drop by 1% if oil stays around $35 per barrel, expert says
12.03.2020 Refining/Petro Chemistry , Projects , Turkey

US strikes Russian oil firm from sanctions list

- Independent Petroleum Company removed from North Korea sanctions list after being added in 2017
03.03.2020 Oil , Refining/Petro Chemistry , Energy Diplomacy , Energy Security

Oil rallies after going below $50/bbl amid pandemic fears

- Oil prices at lowest levels in 14-months with worries amid low global oil demand causing rise in glut of supply
28.02.2020 Oil , Refining/Petro Chemistry , Transportation/Fuel Oil , Energy Diplomacy , Energy Security , Middle East-Africa

US crude oil inventories show less-than-expected rise

- Commercial crude oil stocks rose by 0.5 million barrels, compared to market estimate of 2.5 million barrels increase
27.02.2020 Refining/Petro Chemistry , Americas

US crude oil inventories show less-than-expected rise

- Commercial crude oil stocks rose by 0.4 million barrels, compared to market estimate of 2.5 million barrels increase
22.02.2020 Refining/Petro Chemistry , Americas

Oil steady with virus fears and rise in US crude stocks

- Crude inventories in US are estimated to increase by 4.2 million, API figures show
21.02.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Asia , Americas

US crude oil stocks, production up for w/ending Feb. 7

- Crude oil output returned to record high level of 13 million barrels per day last week
13.02.2020 Refining/Petro Chemistry , Americas

Oil steady as market awaits OPEC cut against low demand

- Coronavirus outbreak continues to lower demand and put downward pressure on prices
11.02.2020 Oil , Refining/Petro Chemistry , Transportation/Fuel Oil , Energy Diplomacy , Energy Projects

US crude oil stocks rise much higher than expectation

- Commercial crude inventories jump by 3.5 million barrels, compared to market estimate of rise of 482,000 barrels
31.01.2020 Refining/Petro Chemistry , Americas

Oil prices up with surprise crude inventory draw

- US crude oil stocks estimated to decline by 4.27 million barrels for week ending Jan. 24
30.01.2020 Refining/Petro Chemistry , Stock Market , Energy Security , Asia , Americas

US crude oil stocks decline for week ending Jan. 17

- Commercial crude inventories fall by 0.4 million barrels
25.01.2020 Refining/Petro Chemistry , Americas

US crude oil inventories rise for week ending Jan. 3

- Commercial crude inventories increase by 1.2 million barrels
10.01.2020 Refining/Petro Chemistry , Americas

Oil prices exceed other commodities in 2019: EIA

- Last year saw Brent crude rise by 22.7%, and West Texas Intermediate (WTI) jump 34.4%
08.01.2020 Refining/Petro Chemistry , Stock Market , Americas

US crude oil stocks decline for w/ending Dec. 20

- Commercial crude inventories decline by 5.5 million barrels
29.12.2019 Refining/Petro Chemistry , Americas

Oil prices up with decline in US crude stocks

- Crude prices up 1% before Christmas break
26.12.2019 Refining/Petro Chemistry , International Relations , Asia , Americas

Highlights of global energy market in 2019

- Tensions between US and Iran, oil tanker attacks in Middle East and the climate crisis were hot topics in 2019
22.12.2019 Electricity , Natural Gas , Oil , Nuclear , Thermal , Lng/Lpg , Refining/Petro Chemistry , Wind , Solar , Hydro , Geothermal/Biomass , Projects , Oil , Natural Gas , Electricity , Energy Diplomacy , Energy Security , International Relations , News from companies , World , Turkey , Europe , Eurasia , Americas , Middle East-Africa , General

Oil market should trust OPEC: Saudi Energy Minister

- "This market will not be left unattended," Saudi Prince Abdulaziz bin Salman says
07.12.2019 Oil , Refining/Petro Chemistry , General

US' mthly. petroleum exports exceed imports for 1st time

- Petroleum exports come in at 89,000 barrels a day higher than imports in September 2019 -- a first since records began
07.12.2019 Upstream , Downstream , Refining/Petro Chemistry , Transportation/Fuel Oil , Energy Diplomacy , Americas , General

OPEC meeting ends without conclusion after six hours

- "We can't say we have an agreement until we meet with our colleagues in non-OPEC," Saudi energy minister says
06.12.2019 Oil , Downstream , Refining/Petro Chemistry , Transportation/Fuel Oil , Europe , Middle East-Africa , General

Aramco earns record $25B from IPO, valuation hits $1.7T

- Saudi oil giant becomes world's most valuable company with market capitalization of $1.7 trillion
07.12.2019 Oil , Upstream , Downstream , Refining/Petro Chemistry , Energy Security , Europe , Middle East-Africa , General

US crude oil production breaks new record high

- Crude output reaches all-time high of 12.9 million barrels a day
29.11.2019 Upstream , Refining/Petro Chemistry , Americas

Crude oil stocks in US rise slightly for w/e Nov. 15

- Commercial crude inventories increase by 1.4 million barrels
22.11.2019 Refining/Petro Chemistry , Americas

Profitable Saudi oil to prompt demand for Aramco IPO

- "You are buying on the basis that it is highly profitable, and there is going to be demand for Saudi oil," expert says
16.11.2019 Refining/Petro Chemistry , Transportation/Fuel Oil , Oil , Energy Diplomacy , Energy Security , International Relations , Energy Projects , General

US crude oil production breaks new record

- Crude output reaches all-time high of 12.8 million barrels a day
16.11.2019 Upstream , Refining/Petro Chemistry , General

Oil gains as US crude inventory draw less than estimate

- On demand side, pressure on crude could occur with rising dollar after Fed Chair's comments on potential end to rate hikes
15.11.2019 Refining/Petro Chemistry , Stock Market , Americas

'Turkey's regulation aims to stem waste, not recycle'

- Over 26,000 institutions, more than 2 million people across Turkey were educated on zero waste, says expert
09.11.2019 Refining/Petro Chemistry , Turkey , General

Turkish firm pledges to stop using single-use plastic

- Plastic waste covers over 3 million square meters in Pacific Ocean, says Koc Holding CEO
08.11.2019 Refining/Petro Chemistry , Turkey , General

Oil prices down with crude inventory build in US

- US crude oil inventories are forecast to rise by 4.26 million barrels for week ending Oct. 31, according to API figures
06.11.2019 Refining/Petro Chemistry , Stock Market , Americas

US petroleum product exports rise in first half of 2019

- However, growth in petroleum exports marks slowest year-over-year increase for any six-month period in past 13 years
25.10.2019 Refining/Petro Chemistry , Invesments , Americas

US crude oil stocks fall contrary to market expectation

- Commercial crude oil stocks decline by 1.7 million barrels, although market expectation was a rise of 2.2 million barrels
24.10.2019 Refining/Petro Chemistry , Americas

Oil prices lose gains with rise in US crude stocks

- Prices were up in previous session with reports that OPEC could make deeper output cuts
24.10.2019 Refining/Petro Chemistry , Stock Market , Americas

Oil posts mixed week amid refinery maintenance season

- Refinery maintenance season keeps crude demand low, causes buildup in inventories and push prices down
19.10.2019 Refining/Petro Chemistry , Stock Market , International Organization , Americas

Oil down as China posts lowest growth in three decades

- Chinese economy grows by 6% in third quarter, marks lowest pace since 1992
18.10.2019 Refining/Petro Chemistry , Stock Market , Asia

US crude oil production remains at record high level

- Crude oil output remained around 12.6 million barrels a day for week ending Oct. 11
19.10.2019 Upstream , Refining/Petro Chemistry , Americas

Brent price down with high crude inventory build in US

- Crude oil inventories in US rise by 10.45 million barrels, much higher than market expectation of 2.88 million barrels
18.10.2019 Refining/Petro Chemistry , Stock Market , Americas

Oil prices down as US' crude inventories, production up

- World's top producer saw its crude output climb up to fresh record high of 12.6 million barrels per day
10.10.2019 Refining/Petro Chemistry , Stock Market , Americas

Crude oil inventories in US increase for w/e Sept. 27

- Commercial crude inventories rise by 3.1 million barrels
03.10.2019 Refining/Petro Chemistry , Americas

Oil prices to see high levels, Saudi crown prince warns

- "... oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes," Mohammed bin Salman said
02.10.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Middle East-Africa

Oil prices recover from one month low

- From July to September, crude prices recorded worst quarterly decline this year
01.10.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Middle East-Africa

New oil and gas reserves discovered in northwest China

- Sichuan shale gas blocks have total proven reserves of 1.06 trillion cubic meters: China National Petroleum Corporation
01.10.2019 Natural Gas , Refining/Petro Chemistry , Energy Projects , General

US sees largest weekly gasoline price jump in two years

- 'Gasoline prices in the US tend to follow price movements of the global crude oil benchmark Brent,' EIA says
27.09.2019 Refining/Petro Chemistry , Stock Market , Energy Security , Americas , Middle East-Africa
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