NPC: Over $4bln allocated to Iran’s petrochemical projects

Azerbaijan, Baku, Oct.22 / Trend F.Milad/

More than $4 billion has been allocated to implement petrochemical projects in Iran, the National Petrochemical Company's (NPC) managing director said in Tehran on Saturday.

The NPC is planning to absorb $14 billion in foreign finance, Shana news agency quoted Abdolhossein Bayat as saying.

Emphasizing on Iranian companies' capabilities, he said that up to 70 percent of petrochemical complexes in the country are designed and constructed by domestic consortiums.

During the last 46 years, some $46 billion has been invested in this sector to create the capacity of producing over 51 million tons of petrochemical products, while $50 billion will be invested during the fifth five-year development plan (2015-2020) to create the same capacity, the official stressed.

The petrochemical industry accounts for 2 percent of the gross domestic production, 44 percent of the non-oil exports and 55 percent of the industrial exports, he said.

He added that the country earned $12 billion from exporting petrochemical products last year.

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