Iran to increase petrochemical production to 60 million tons

Business Materials 24 July 2011 12:14 (UTC +04:00)

The National Iranian Petrochemical Company (NIPC) has announced that the country's petrochemical production will experience considerable growth by March 2012, reported Press TV.

NIPC Director Abdolhossein Bayat told IRNA on Saturday that Iran's annual production of various petrochemical products will hit 60 million tons from the current figure of 42 million tons by the end of the current Iranian calendar year, which ends on March 19, 2012.

Bayat said that the increase is due to the implementation of a number of petrochemical projects with a capacity of eight million tons and a rise in the feed of the country's petrochemical complexes.

He went on to say that about 45 percent of the total production of the country is exported, adding that the Islamic Republic exported 18 million tons of petrochemical goods worth $11.6 billion in the previous Iranian calendar year (March 2010-March 2011).

Iran has expanded the range and volume of its petrochemical products significantly over the past few years, and the NIPC has become the second largest producer and exporter of petrochemicals in the Middle East.