Iran to review new gas contracts

Oil&Gas Materials 13 September 2011 12:30

Azerbaijan, Baku, Sept. 13 / Trend /

Iran's oil minister Rostam Ghasemi issued an order to review new gas contracts to feed petrochemical industries in the near future, the Mehr News Agency reported.

The Iranian government agreed to pay $2.600 million to the national development fund to support the construction of the petrochemical industry.

Currently the production capacity of Iran's petrochemical industry increased to 54 million tons. It is predicted to reach 60 million tons by the end of the current solar year.

The downstream petrochemical industry is expected to review its 10- to 15-year contracts for gas fuel sales to industries. New gas and fuel contracts will also be reviewed in the near future.

Iran ranks second in petrochemical exports to Turkey. It has exported 21,000 tons of polymer to the country in July. The Islamic republic ranks first in exporting methanol supplies to China and second in exports to Europe.