Baku, Azerbaijan, Jan. 25
By Dalga Khatinoglu - Trend:
Iran plans to further add 5 million tons of petrochemicals to production level the next fiscal year, said Ali Mohammad Bosaghzadeh, product management director at Petroleum Ministry.
The next fiscal year in Iran will start March 21, 2016.
"The next year, petrochemicals production level will increase by 12 percent," he said speaking to the Iranian SHANA news agency Jan. 25.
Bosaghzadeh further said that this fiscal year, it is projected to produce 47 million tons of petrochemicals, adding that during the current year's first nine months Iran has produced 35 million tons of petrochemicals.
Currently, Iran uses 81 percent of its petrochemical production capacity, nine percent more than the previous year.
Iran plans to absorb $70 billion to increase petrochemical production capacity to 120 million tons in 2020 and to 180 million tons in 2025.