Iran eager to develop its petrochemical industry

01 Dec '12

2 min read

Noting that Iran is eagerly trying to develop its petrochemical industry, the National Petrochemical Company (NPC) Managing Director Abdolhossein Bayat said the country’s petrochemical exports for first seven months of the current fiscal that started on March 20 surpassed the US$ 7 billion mark at 9.9 million tons.

As quoted in Tehran Times, Mr. Bayat said looking to aid the sector’s development NPC is greatly focusing on attracting investments in the sector and investment opportunities worth around US$ 80 billion have been identified in the domestic upstream as well as downstream petrochemical sectors.

He said it is planned to allocate US$ 10.5 billion worth of oil revenues for development of the country’s petrochemical industry.

Over the past three years, 38 petrochemical projects have been executed in the country to increase its petrochemical output, and it is planned to implement 9 more projects this year, which would increase the sector’s output by 8 million tons, he added.

Mr. Bayat said Iran exported petrochemical exports worth US$ 14 billion to 60 countries during last fiscal.

China and Western Europe are the main export destinations for Iranian petrochemical products, followed by Africa, Latin America, India, Middle East and Southeast Asian countries.

While the country is looking at expanding its petrochemical export base by adding new markets, NPC has been realizing new export targets over the past two years, and enhancing exports of polymer products to achieve this end.

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