Iran earns $9.19bn from petrochemical exports in 10 months

28 Jan '14

2 min read

Iran has earned approximately US$ 9.19 billion from export of petrochemical products during the first ten months of the ongoing Iranian calendar year that began on March 21, 2013, FARS News Agency reported quoting data from Iran Customs Administration.

In the last Iranian calendar year that ended on March 20, 2013, the country earned $12 billion from petrochemical exports to nearly 60 countries.

In recent years, Iran has significantly expanded the range and volume of its petrochemical production, and the National Petrochemical Company (NPC) has become the second largest producer and exporter of petrochemical products in the Middle-East, after Saudi Arabia.

The Government of Iran has set an ambitious target of producing over 75 million tons of petrochemical products in the ongoing Iranian calendar year from the previous year’s production of 60 million tons.

The Government expects the country’s petrochemical production to reach 100 million tons in 2015, as enshrined in Iran’s fifth Five-year Economic Development Plan.

To achieve the 100 million ton production target, the National Petrochemical Company (NPC) has defined twenty new petrochemical projects and has invited both Iranian and foreign investment in those projects.

Meanwhile, at the recent annual World Economic Forum in Davos, Switzerland, President Hassan Rouhani invited global oil and petrochemical giants to invest $75 billion dollars in the country’s petrochemical sector and $110 billion dollars in the oil sector.

The President said his country’s signing of a nuclear accord with the world powers has led to lifting of some sanctions against his country, and Iran now has a good investment environment now.

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