Iran’s petrochemical exports up 6 percent
Baku, Azerbaijan, July 23
By Fatih Karimov - Trend:
Iran's petrochemical exports rose by 6 percent in spring of 2014 compared to 2013.
Mohammad Hossein Peivandi, deputy managing director of National Iranian Petrochemical Company, said petrochemical production grew by 6.5 percent in spring, which corresponds to the first quarter of the current Iranian calendar year, the IRNA news agency reported on July 23.
Generally, sales of petrochemicals increased by 6.6 percent year on year, he added.
In February, National Iranian Petrochemical Company's Managing Director Abbas Sheri Moqaddam said Iran needs $31 billion to inaugurate 60 semi-finished petrochemical projects.
To date, just $5 billion is estimated to be spent on the projects, the Mehr News Agency quoted Sheri Moqaddam as saying.
Once the projects come on stream, they will increase the country's annual petrochemical output by 55 million tons, he said, adding that $74 billion is needed to expand the national petrochemical industry in the next 8-10 years.
The value of Iran's annual petrochemical output may double to $40 billion, Oil Minister Bijan Namdar Zanganeh said in September 2013.
For the time being, the value of domestic petrochemical products per year is about $20 billion, he said, hoping that the figure would increase to $40 billion.
Between 1996 and 2006, the first surge in the value of petrochemical output occurred, so that the annual production increased from $1 billion to $20 billion, IRNA quoted Zanganeh as saying.
In the second surge, the figure will reach $40 billion, he added.