Iran’s petrochemical exports during the first 10 months of the current Iranian year (March 21, 2019-January 20, 2020) rose by 5 per cent over the figure in the same period in the previous year. New petrochemical plants added to the rise in exports, according to Seyyed Hamid Hosseini, spokesman of Iranian Oil, Gas and Petrochemical Products Exporters' Union.

The novel coronavirus outbreak could significantly affect the export of petrochemical products as most of Iran’s exports are transited through neighbouring countries like Turkey and Iraq that have closed their borders with Iran, he was quoted as saying by Iranian media reports.

Iran currently produces nearly 70 million tonnes of petrochemical products annually. Turkey, Iraq, China, the United Arab Emirates, Afghanistan and India are among its major export destinations.

According to oil minister Bijan Namdar Zanganeh, Iran's annual petrochemical output is expected to surpass 100 million tonnes by 2021 despite US sanctions.

Fibre2Fashion News Desk (DS)

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