Iran's petrochemical exports up 6% in Q1

25 Jul '14

2 min read

The exports of petrochemical products from Iran increased by six percent during the first quarter of the current Iranian calendar year that started on March 21, 2014, reports Press TV.

The data shows that petrochemical exports increased by six percent in the first three months of the ongoing Iranian calendar year, compared to the corresponding period of last year, Mohammad Hassan Peyvandi, deputy managing director of Iran’s National Petrochemical Company (NPC) said.

He also informed that production of petrochemical industries increased by 6.5 percent during the quarter, over the corresponding period of last year, owing to increased efficiency and a decrease in work stoppage instances at petrochemical units.

In the last calendar year, Iran’s petrochemical exports increased by about one percent year-on-year to US$ 10.723 billion. Asian, African and Eastern European countries were the main buyers of Iran’s petrochemical products.

In the current Iranian calendar year, Iran’s petrochemical exports are likely to touch $12 billion.

Earlier this month, Mr. Peyvandi said an investment of $33 billion is needed for financing the petrochemical projects that are currently under construction.

At present, over 70 petrochemical projects are under construction in Iran, with an average work progress of 27 percent. Of these, around 12 to 15 of the petrochemical projects are likely to come on stream within the next four years.

Once operational, these projects are estimated to raise Iran’s petrochemical output by 10 million tons and bring $26 million in foreign exchange for the country.

Iran has the world’s largest natural gas reserves and the third-largest proven oil reserves. The country is now aiming to become the biggest petrochemical producer in the Middle East region, and it has significantly expanded the range and volume of its petrochemical production over the past few years.

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