Iran invests about €3B annually in petrochemical sector
Baku, Azerbaijan, Jan. 18
By Fatih Karimov - Trend: Iran invests between €2.7 billion and €3 billion annually in its petrochemical sector.
National Iranian Petrochemical Company's Managing Director Abbas Sheri Moqaddam said that based on the national outlook plan, some € 8 billion should be invested in the petrochemical sector, Iran's Shana news agency reported on Jan. 18.
"A large number of projects had been defined, some of which had progressed by 60 percent. We should attempt to complete the semi-finished projects."
If the sanctions had not been imposed against the country, the petrochemical production capacity would have increased to 120 million metric tons, instead of 60 million metric tons currently, he said.
Iran's petrochemical output has exceeded 35 million metric tons since the beginning of the current Iranian calendar year (March 21, 2014).
Ali Mohammad Basaqzadeh, an official with the National Petrochemical Company, said on Jan. 17 that the figure was 71 percent of the country's nominal petrochemical capacity.
Previously, Basaqzadeh said that the country's total petrochemical output would reach 42 million metric tons by the end of the current Iranian fiscal year (March 20, 2015), if the petrochemical unites are supplied with needed feedstock.
He said that natural gas shortage is the main reason which prevents realization of nominal production capacity.
According to the Custom Administration's monthly report, Iran exported 11.339 million metric tons of petrochemical products valued at $8.961 billion during first eight months of the current fiscal year.
The volume and value of Iran's exported petrochemical products increased by 22.05 percent and 28.07 percent in comparison with the same period last year.
Petrochemical products shares 28.5 percent of Iran's non-oil exports value (including condensate) in this period.