The National Petrochemical Company managing director stated that by the end of the Fifth Development Plan (2015) Iran will be manufacturing over 100 million tons of petrochemical products.
IRNA news agency quoted Abd-ul Hussein Bayat as saying that the oil ministry has earmarked $25 billion for implementing 46 projects that will manufacture 50 million tons of petrochemical products.
He pointed out that 20 unfinished projects belonging to the Fourth Development Plan will also be implemented alongside these projects.
The deputy oil minister pointed out that the administration is steadfast in stopping the sale of crude and increasing the sale of processed oil-based products which carry added value.
Bayat explained that the two recently opened petrochemical units of Pardis and Morvarid have a total capacity to produce 2.3 million tons of products and have greatly contributed to the country's capacity in this regard.
The Iranian official pointed out that Iran currently produces 25.8 percent of petrochemical products of the Middle East and 2.4 percent of the global output.