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Iran, World's 2nd Largest Hydrocarbon Reserves

Iran the oldest civilization

With its world’s 2nd largest hydrocarbon reserves Iran is considered an energy superpower in the region. The petroleum industry is the beating heart of Iran’s economy and with total export values of over 70 billion US$ per year, the oil production constitutes 23% of the country’s GDP. Iran has very ambitious plans for the development of its energy sector and plans to invest a total of $500 billion in the oil sector before 2025. The government is offering very attractive terms to the foreign investors and nearly $80 billion worth of projects has been approved at the government’s Economic Council for the current year.

 

With convenient shipping routes via the Persian Gulf as well as sharing borders (both land and sea) with 15 countries, Iran's location is ideal for export-focused oil, gas and petrochemical industries.

 

South Pars is the largest gas field comprising 27% of Iran's total proved natural gas reserves and 35% of the country's natural gas output. Presently, some precise and sophisticated projects have been designed for development of 24 phases to produce 790 million cubic meters of gas per day. 

South Pars gas field development shall meet the growing demands of natural gas, injection into oil fields, gas and condensate export as feedstock for petrochemical industries. The under development phases of South Pars gas field mainly consist of offshore facilities, products transfer pipeline to onshore facilities, gas transfer pipelines to the overall networks, export facilities for exporting gas condensate, LPG and Sulfur. 

 

5% to 7% of the hydrocarbon produced in the country is used as feedstock for petrochemical plants. Iran’s petrochemical industry accounts for 2% of the country’s GDP, 44% of the non-oil exports and 55% of the industrial exports. Iran has serious plans to increase its petrochemical exports to 12 billion US$ in 2015 both to raise its revenues and cut the country’s reliance on crude oil. Diversity of products, providing raw materials to thousands of factories and downstream workshops and creating job opportunities and fetching hard currency revenues have placed the petrochemical industry in a prominent position in the country's economy. If the semi-finished petrochemical projects are completed and a number of planned petrochemical units come on stream, the country’s petrochemical output will be increased to 180 million tons per year. Iran's petrochemical companies are in a very good shape in terms of export and sale of petrochemical products and the petrochemical sector is capable of attracting 70 billion US$ in domestic and foreign investment. Liquefied propane, liquefied methane, and methanol are among the majority of the exported products in this industry.