Azerbaijan, Baku, Sep.20 / Trend R.Zamanov /
Iranian Oil Minister Bijan Namdar Zanganeh expressed hope that the value of the country's annual petrochemicals output reach $40 billion.
"The figure currently stands at $20 billion," the ISNA News Agency quoted Zanganeh as saying.
"By boosting the petrochemical industry, Iran will be able to lower the rate of crude selling which will be more profitable for the country," he said.
"Currently some petrochemicals are being delivered to Taiwan and China in order to turn into the final product, so Iran has a high potential to boost its petrochemical industry," Zanganh added.
Iran exported 14.4 million tons of petrochemical products worth 10.1 billion dollars in the previous calendar year (which ended March 20).
The figure shows 32 and 33 percent increase in terms of weight and value respectively, compared to its preceding year, the Mehr News Agency reported.
Iran produced 10.6 million tons of petrochemical products in the first three months of the current Iranian calendar year, which started on March 21.
Iran's current petrochemical production capacity stands around 60 million tons, the Mehr News Agency reported.
Tehran plans to produce 50 million tons of petrochemicals by the end f the current Iranian calendar year (March 20, 2014).
The country also plans to export 17.4 million tons worth 13 billion dollars in the current year.
Iran's petrochemical exports to China and African countries are on the rise.
China's imports currently accounts for 27.2 per cent of Iran's total exports. Europe with 6.5, Africa with 6.2, Middle East with 31.3, Far East with 18.5, and India with 10.3 are the other major destinations for Iranian petrochemicals.