Iran to launch two petrochemical hubs in China

Oil&Gas Materials 27 May 2011 18:31 (UTC +04:00)

Azerbaijan , Baku, May 27 /Trend/

Iran will launch 2 new Petrochemical hubs in China to increase export of petrochemical products, Mehr News Agency reported quoting Managing Director of Petrochemical Commercial Co Reza Hamzelou as saying.

"Iran plans to run new petrochemical offices in India and China since they are considered to be major markets for Iran's petrochemical products," he said.

Iran has launched a petrochemical center in Shanghai and opens new one in Beijing, while it will also run 2 new petrochemical hubs.

China 's tight fiscal policy influences demands for petrochemical products and Iran's exports. However, Iran will export 2 million tons of petrochemical products by the end of solar year (March 20, 2012), he predicted.

The Iranian Oil Ministry launched an automated warehouse for petrochemical products and plans to run a large office in city of Guangzhou.

China as Iran's biggest customer, imports more than $2.5 billion petrochemical products. India and East Asian countries like Vietnam, South Korea and Malaysia remains Iran's demanding costumers.

Iran 's production capacity of petrochemical products reached 38.6 tons in 2009, compared to last solar year Iran's petrochemical products hit 51 million tons.

The increase in Iran's trade comes despite tightened United States and European Union sanctions imposed since the summer of 2010 against Iran, especially targeting its oil sector, due to its disputed nuclear program.

According to the International Monetary Fund (IMF), Iran is the third largest country in the Middle East and Central Asia in terms of exports and imports.