Unravelling of sanctions: a boost to Iranian ethylene? Report

Insight 08 June 2015

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Report summary

Iran set out to become a petrochemical giant in the Middle East in their Fifth economic development plan, but they were hampered with sanctions in response to Iran's refusal to end its uranium enrichment programme. On 31 March 2015, Iran agreed to curb their nuclear programme in exchange for the lifting of sanctions. In this insight, we focus on Iran's current olefins crackers, ambitions and potential.

Executive Summary
- Iran has significant ethylene capacity but is underutilised
  - Figure 1 - Historic Iranian polyethylene exports
- Project development hampered by the sanctions
  - Figure 2 - Map of existing and planned steam crackers
  - Figure 3 - Operating, firm and planned steam cracker capacity, 2015-2025
- A renaissance in Iranian petrochemical industry?
  - Figure 4 - 2014 cost of production for Iranian crackers compared with rest of the Middle East and other regions
  - Figure 5 - Iran's potential ethylene production if all projects come into fruition before 2025 under different scenarios
- Additional Iranian production means more exports
- There are plenty of opportunities within the ethylene sector in Iran
Appendix
- Table 1 - Iran ethylene project review