Iran expands petchem sector in Makran region

As stated in Iranian media, Iran plans to make the Makran region, the southern coastal region of Balochistan, the third largest petrochemical hub in the country. The country has so far invested €12.5 billion ($13.7 billion) in the construction of Makran Petrochemical Town including 18 production units, while it plans to expand this investment into €20 billion ($22 billion) by the end of Seventh National Development Plan (2026).

Makran region, which is a semi-desert coastal strip in the Balochistan province in Pakistan and in Iran, along the coast of the Gulf of Oman, is significant in terms of its location, as it is close to international markets, according to a statement from Morteza Shahmirzaei, Director of NPC.

The petrochemical business plays a key role in Iranian economy, since petchem exports are only second to country’s significant crude oil revenue. Back in December, Shahmirzaei stated that Iran shows interest in developing petrochemical sector in neighboring and foreign countries as well.

Iran currently has more than 100 petrochemical projects underway, with a total investment of about $70 billion.