Azerbaijan, Baku, Nov.28/ Trend F.Milad/
Iran has hinted at a proposal to international bodies for the creation of a global forum for exporters of petrochemical products, Iran's deputy oil minister said on Wednesday.
"The formation of the Petrochemical Exporting Countries Forum (PECF) will bring a new order to the market of petrochemical products and create coordination among exporters," the Mehr News Agency quoted Abdolhossein Bayat as saying.
Bayat, who is also the managing director of the National Iranian Petrochemical Company (NIPC), added that Iran, Saudi Arabia, UAE, Russia, Qatar, and Turkey are potential members of PECF which will concentrate on financial and technological cooperation among members, as well as product pricing and policy making on production issues.
In recent years NIPC succeeded in producing a wide range of petrochemicals and increasing the quality of production.
Today, the company is the second largest producer and exporter of petrochemicals in the Middle East. Over these years, it has not only expanded the range and volume of its products, but also taken steps in areas such as R&D to achieve further self-sufficiency, Press TV reported.
Iran hopes to implement 47 petrochemical projects by the end of the Fifth Five-Year Economic Development Plan in 2015, adding a total of 43 million tons per year to its capacity. Iran will represent at least 5.3 per cent of the global petrochemical output and 36 per cent of Middle Eastern production once those projects come online.
Iranian Industry, Mine and Commerce Minister Mehdi Ghazanfari also offered a plan to establish a joint petrochemical market among eight developing countries (D8) in October.
Addressing the second summit of industry ministers of the D8 in Turkey, Ghazanfari called on his counterparts to participate in relevant research, development and training services, IRNA reported on October 7.
He added that the group should introduce representatives to follow up the work in this regard.
Iran is the second biggest petrochemical producer in the Middle East after Saudi Arabia.