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The National Petrochemical Company (NPC) has decided to defer the development of new methanol and urea projects because production of both products is already excessive, a senior NPC official is reported as saying on the Shana newsagency website on 25 November.
NPC director of planning and development Hamid Reza Rostami said the projects are being deprioritised due to the market conditions.
Iran has plans to increase methanol output by more than 24m tonnes in less than 5 years, but some projects will no longer be required, Rostami was reported as saying.
“Based on the changes in the 6th development plan of the country, construction of some methanol and urea projects are being put off to a later time,” Rostami said.
Iran’s plans call for total petrochemical output, including of methanol and urea, to increase to 180m tonnes, Shana reported. Rostami was quoted as saying that Iran’s petrochemical plans call for investment of $8bn-10bn.
“Iran is no longer seeking only investors in its petrochemical sector; rather it eyes to attract investors with technologies and project management skills,” Rostami is quoted as saying.
Iran’s ethane will increase by 4.5 million tonnes a year once the South Pars offshore gas field development programme is completed.