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Turkey, Egypt back Iran's proposal of D8 petrochem forum
May '13
Mr. Abdolhossein Bayat/FARS
Mr. Abdolhossein Bayat/FARS
Iran’s proposal for forming a joint petrochemical forum by eight developing Muslim nations (D8) has won support from Turkey and Egypt, two leading petrochemical and engineering polymer producers of the Middle East, Iranian Deputy Oil Minister Abdolhossein Bayat has said.
Iran set forth its proposal of forming the first international forum of petrochemical and polymer-producer states, resembling the Organization of Petroleum Exporting Countries (OPEC), during the D8 meeting held in conjunction with the 10th International Petrochemical Industry Conference, Mr. Bayat, who is also the Managing-Director of the National Petrochemical Company (NPC), said.
D8 is a group of eight developing nations with huge Muslim population – Bangladesh, Turkey, Pakistan, Egypt, Iran, Nigeria, Indonesia and Malaysia – that have jointly formed an economic development alliance. 
Accentuating the need for formation of such a joint market, Mr. Bayat said, in association with the D8 nations, NPC intends to make a mark in the global petrochemical industry, and cater to around one billion people through multilateral association, according to a FARS News Agency report.
Over the past few years, Iran has significantly widened the range as well as volume of its petrochemical products, and the country now supplies to over 60 countries, with the Far East, Southeast Asia, Africa and Central Asia being its key export destinations.
Meanwhile, National Petrochemical Company (NPC) has established itself as Middle East’s second biggest manufacturer and exporter of petrochemical products, next to Saudi Arabia.

Fibre2fashion News Desk - India

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