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Iran’s share of the total petrochemical production in the Middle East has risen to 26.5%, with plans to add 60 million tons of refining capacity by 2026. As an important part of the Belt and Road Initiative, Iran will deepen its long-term cooperation with China in the fields of energy and petrochemical products. On September 11, 2021, Iranian Oil Minister Javad Owji said that Iran plans to add an annual refining capacity of 60 million tons over the next 4 to 5 years. By 2026, the refining capacity is expected to increase from the current 2.2 mbpd (98 million tons per year) to 3.5 mbpd (157 million tons per year). After visiting a refinery in Tehran on Friday, Owji told reporters that, according to the established schedules for existing and new refineries, the refining capacity of the country’s refineries will increase significantly over the next four to five years. The Iranian Ministry of Oil has two agendas regarding refineries: the first is to improve the number and quality of existing refineries, and the second is to enhance refining capacity by building new ones. “Fortunately, investors who will build new refineries and expand existing ones have been identified, and agreements have been reached with them,” he said. He also spoke about natural gas diplomacy, saying, “One of the issues we are discussing is natural gas diplomacy with neighboring countries, including Turkmenistan.” We will also include this issue on the agenda to increase the current 2% share of Iran’s natural gas trade. We will also hold talks with neighboring countries such as Turkmenistan and Iraq to increase natural gas exports and trade. ” ——Iran’s share in the production of petrochemical products in the Middle East has reached 26.5%. Hassan Abbaszadeh, head of the Planning and Development Department at Iran’s National Petrochemical Company (NPC), said that Iran’s share in the trade of petrochemical products in the Middle East was 20.2% during the fiscal year 1398 of the Persian calendar (March 20, 2019 – March 20, 2020); this figure rose to 22.1% during fiscal year 1399 (March 20, 2020 – March 20, 2021). During the same period, Iran’s share of the total petrochemical production in the Middle East increased from 24.9% to 26.5%. Hassan Abbaszadeh added that in Persian year 1398, Iran’s production of petrochemical products accounted for 2.5% of the world’s total, and this figure rose to 2.7% by the end of Persian year 1399. About 70% of Iran’s petrochemical exports come from this sector; in the Persian calendar year 1398, Iran exported around 5.3% of the world’s petrochemical products, but by the end of Persian calendar year 1399, its share of exports increased to 5.9%. ——Cooperation with China will be deepened. On March 27, 2021, Wang Yi, Chinese State Councilor and Foreign Minister, and Iranian Foreign Minister Zarif officially signed a 25-year agreement in Tehran, covering political, strategic, and economic cooperation, as well as long-term oil purchases. In 2018, then-U.S. President *** withdrew from the Iran nuclear deal and reinstated sanctions against Iran, including restrictions on Iranian oil exports; as a result, Iran’s oil exports declined rapidly. Biden also continued this policy. According to foreign media reports, the energy analysis magazine Petroleum Economist stated that China will invest $280 billion in Iran’s oil, gas, and petrochemical industries over the first 5 years. In the fields of transportation and infrastructure, China will invest 120 billion dollars. China is a major global energy consumer and an importer of oil, natural gas, and petrochemical products. China holds an important position in Iran’s petrochemical products export market. According to customs statistics, China’s methanol imports reached 13 million tons in 2020, an increase of 2.1 million tons compared to 2019, representing a growth rate of 19.27%; the total import volume thus hit a new historical high. Iranian goods remain the main source of methanol imported into China. In 2020, China’s total imports of methanol from Iran exceeded 5.2 million tons (including imports from the UAE as well), accounting for over 40% of its total methanol imports; Iran thus remained the top supplier of methanol to China.