Baku, Azerbaijan, June 7
By Fatih Karimov - Trend:
Iran plans to increase its annual petrochemical output to 130 million tonnes.
Iran's First Vice-President, Es'haq Jahangiri said that plans are underway to increase the country's petrochemical output from 60 million tonnes to 130 million tonnes, Fars news agency reported on June 7.
"Iran holds 11 percent of the world's total oil reserves and 17 percent of the world's total gas reserves," he added.
In September 2013, Iran's Oil Minister, Bijan Namdar Zanganeh said the value of Iran's annual petrochemical output may double to $40 billion.
For the time being, the value of domestic petrochemical products per year is about $20 billion, he said, hoping that the figure would increase to $40 billion.
Between 1996 and 2006, the first surge in the value of petrochemical output occurred, so that the annual production increased from $1 billion to $20 billion, IRNA quoted Zanganeh as saying.
In the second surge, the figure will reach $40 billion, he added.