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Iran should stop exports of petrochem feedstock: Minister
27 Sep '13
1 min read
Iran has to establish more processing industries in the oil and gas sectors to stop export of raw materials and boost supply of finished products to other countries, according to Iranian Oil Minister Bijan Namdar Zanganeh.
The Oil Minister said that the country’s petrochemicals are being exported to countries like Taiwan and China to be processed into final products and then they are returned to Iran, reports Fars News Agency.
Iran has massive potential to develop petrochemical processing industries, he added.
The Oil Minister Zanganeh had recently announced that the value of Iran’s petrochemical output may double to US$ 40 billion from the current value of US$ 20 billion.
Iran exported about US$ 12 billion worth of petrochemical products to over 65 countries during the previous Iranian calendar year (March 2012-March 2013).
East Asia, Central Asia, Southeast Asia, and Africa were the main destinations where Iran exported petrochemical products.
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