Iran plans to invest $25 billion to turn Chabahar Port into energy hub
Azerbaijan, Baku, May 26/ Trend F.Milad/
The Iranian National Petrochemical Company (NPC) plans to invest up to $25 billion in the south-eastern Chabahar Port to turn it into an energy hub, like Assalouyeh in south, the IRNA News Agency quoted NPC director Abdolhossein Bayat as saying on Saturday.
Abdolhossein Bayat added that the average utilization of the installed petrochemical facilities is 78 percent in the country, which is three percent above the world's average.
Bayat already said that the country's petrochemical exports have not declined despite EU sanctions.
"Nine petrochemical projects will be implemented in the current Iranian year which will boost the country's output by 8 million tons," the Shana News agency quoted him as saying.
Iran has explored new destinations to export its petrochemical products, he said, adding that currently exporting petrochemical products to Europe is regularly underway.
On April 18, Bayat said that Iran exported some $14 billion worth of petrochemical products to 60 countries last calendar year, which ended on March 19.
He added that $10.5 billion of oil income will be allocated to the development of the national petrochemical industry.
Iran has developed 69 plans to boost its petrochemical output from 54 million tons last year to 100 million tons in 2015.