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Report: Iran’s petrochemical sector needs $20 billion by 2025

Iran Materials 10 March 2014 13:25 (UTC +04:00)

Baku, Azerbaijan, Mar.10

By Fatih Karimov - Trend:

The Iranian parliament (Majlis) research centre has released a report on the performance of the country's oil, gas, and petrochemical sectors for the period between the Iranian year 1382 (March 2003-March 2004) and 1391 (March 2012-March 2013).

Based on the report, the country needs $20 billion by 2025 to boost its annual oil refining capacity to 2.5 million barrels per day.

According to the statistics, the country's refining capacity was 1.89 mbpd in 2012.

Although the petrochemical sector has reached its mid-term goal in terms of the value of products, it has failed to meet expectations in terms of the volume of products and the country's status in the Middle East.

Iran's petrochemical exports surpassed $9.19 billion during the first 10 months of the current solar year (started on March 21, 2013), the country's customs administration reported on Jan. 25.

Western countries suspended certain sanctions against Iran as the Geneva nuclear deal came into force on Jan. 20.

The prohibition on the import, purchase or transport of Iranian petrochemical products and related services was suspended as a result of the nuclear deal's implementation.

Edited by S.M.

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