A memorandum of understanding was signed between the National Petrochemical Industries Company and Zagros Petrochemical Company to use the capacity of this petrochemical company in a campaign to reduce gas and electricity consumption by 10 percent in the domestic and commercial sectors.

During a ceremony to address the gas imbalance crisis, the National Petrochemical Company and Zagros Petrochemical Company signed a memorandum of understanding. The aim of this memorandum is to reduce gas consumption by 10 percent in the domestic and commercial sectors and increase the share of gas allocated to the petrochemical industry, which could lead to increased production and foreign exchange earnings. This is while the petrochemical industry is facing challenges such as gas outages at 12 petrochemical plants and feed shortages.

Bandar Imam Petrochemical Company has succeeded in exporting one million and 6 thousand tons of products to international markets in the first 9 months of 2024, which represents a 35% growth compared to the same period last year.

By implementing an innovative plan, review and revision of the C311 compressor, one of the most energy-intensive equipment in the olefin unit, Ariasassol Polymer Company succeeded in reducing energy consumption in the complex by 5%.

The CEO of Bandar Abbas Oil Refining Company stated: The major overhaul of the viscosity reduction and gasoline purification units of the Bandar Abbas Oil Refinery was successfully completed in 22 days.

Iranian urea export prices for January loading have increased to $307 per ton on a FOB basis, compared to $303-$304.5 per ton previously.

Referring to the gas outages of some petrochemical companies, the Secretary General of the National Petrochemical Industries Employers Association said: "Unfortunately, this issue has put pressure on production and we predict that our exports will decrease by at least $1 to $1.3 billion compared to last year." Recently, the CEO of the National Petrochemical Company announced that the Central Bank has allowed 50 percent of the foreign exchange earned from the export of petrochemical products to be invested in the petrochemical companies themselves.

The plan to investigate petrochemicals has so far been signed by more than 25 members of parliament.

For the first time in the country, Ghadir Petrochemical has made a major leap in the country's medical industry by producing medical grade PVC. This achievement will not only reduce our dependence on importing this vital product, but will also help improve the quality of Iranian medical products and compete with foreign products.

The CEO of the Farhangian Reserve Fund emphasized Petrofarhang Holding's efforts to enter the downstream petrochemical industries and other profitable fields.