Single forex rate can boost Iran's petrochem exports: NPC

22 May '14

2 min read

A single foreign exchange (forex) rate can help in increasing Iran’s petrochemical exports, an official of the National Petrochemical Company (NPC) has said, reports Shana, Iran’s Petro Energy Information Network.

Petrochemical firms in Iran currently have to use revenues from selling their products to meet their import needs, NPC head Abbas Sheri-Moqaddam said, while underlining the country’s resolve to export high-quality markets to global products.

According to Mr. Sheri-Moqaddam, most of the current problems related to foreign trade would be resolved if a single foreign exchange rate is established. He urged relevant officials and the Government to unify the foreign exchange rate and help NPC increase its exports.

Earlier this month, Hossein Shariyari, deputy head for planning and development of the National Petrochemical Company (NPC), said considering the several petrochemical projects which are underway, the country’s petrochemical production is projected to exceed 51 million tons by the end of March 2015.

The planned 51 million tons of petrochemical output is expected to reap Iran some US$ 35 billion, including $14 billion through exports, he added.

Mr. Shariyari said that the country’s petrochemical industry is accelerating and developing, and with the attraction of fresh investments, the road to development would become smoother than before.

During the last Iranian calendar year that ended on March 20, 2014, Iran produced more than 40 million tons of petrochemical products. The country exported petrochemical products worth $10.723 billion, registering a rise of 1 percent, compared to the $10.165 billion worth of petrochemical products exported during the previous calendar year, which ended on March 20, 2013.

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