Azerbaijan, Baku, Mar.27/ Trend G.Mehdi/
Iran will invest $20 billion to create a new petrochemical hub in Chabahar Port, located in southeast of the country, the Fars News Agency quoted Iranian Deputy Oil Minister Mohsen Khojastemehr as saying.
Since 2005, Iran's petrochemical production capacity has been increased by 39 million tons, he said, adding that the country is currently producing some 246 million tons of petrochemical products per day.
The new petrochemical hub in Chabahar is projected to be established in three phases, he noted.
In November 2012, IRIB quoted National Petrochemical Company Managing Director Abdolhossein Bayat as saying that as much as $80 billion in investment opportunities have been identified in both the upstream and downstream sectors of the Iranian petrochemical industry, which is taking great steps toward development.
China and countries in Western Europe are the main recipients of Iran's petrochemical exports, followed by countries in Southeast Asia, the Middle East, the Indian subcontinent, Africa, and Latin America, he noted.
Iran is seeking new markets for its petrochemical products. Toward this end, the NPC has been identifying new export targets for the past two years, and boosting exports of polymer products is on the agenda.
In April 2012, Bayat said that Iran exported $14 billion worth of petrochemical products to 60 countries during the previous Iranian calendar year (March 2011-March 2012).
He added that $10.5 billion of oil revenues will be allocated for the development of the national petrochemical industry.