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petrochemicals capacity reached 62mn tonnes and average capacity utilisation was 75%. Iran exported 19mn tonnes of petrochemicals products worth USD10bn over the year. While average net profit was around 25%, this was largely due to gas-based petrochemicals facilities with liquid-fed crackers suffering lower margins.

The government has forecast total petrochemicals capacity of 72mn tonnes per annum (tpa) by end-FY2017/18 with output projected to rise 18% to 59mn tonnes. The Iranian government is looking to attract USD72bn in foreign investment for 80 petrochemicals projects that will boost capacity to 130mn tpa by 2020 and 180mn tpa by 2025. By 2021, Iran hopes to have achieved total production capacity of 90mn tpa, with natural gas contributing around 50% of the feedstock. We maintain our forecast for Iran's petrochemicals: capacity of 15.3mn tpa of ethylene , 9.9mn tpa of polyethylene (PE) and 1.9mn tpa of polypropylene (PP) by