Iran’s petrochemical sector provides $80 billion investment opportunity
Azerbaijan, Baku, Nov.27/ Trend G.Mehdi/
Over $80 billion worth of investment plans are provided by Iran's petrochemical sector, IRIB quoted National Petrochemical Company (NPC) Managing Director Abdolhossein Bayat as saying on Tuesday.
The Iranian petrochemical industry is taking long steps toward development and it pays special attention to the promotion of investments as a key factor to this end, he noted.
The official added that Iran exported 9.9 million tons of petrochemicals, worth about $7 billion, in the first seven months of the current Iranian calendar year, which began on March 20.
In May, Bayat said that nine petrochemical projects will be implemented in the current Iranian calendar year, which will boost the country's output by 8 million tons. Iran has implemented 38 plans to boost its petrochemical output, he added.
China and countries in Western Europe are the main recipients of Iran's petrochemical exports, followed by countries in Southeast Asia, the Middle East, the Indian Subcontinent, Africa, and Latin America, he noted.
Iran is seeking new markets for its petrochemical products. The NPC has been identifying new export targets for the past two years.
And boosting exports of polymer products is on the agenda.
On April 18, Bayat said that Iran exported $14 billion worth of petrochemical products to 60 countries during the previous Iranian calendar year (March 2011-March 2012).
He added that $10.5 billion of oil income will be allocated for the development of the national petrochemical industry.