Iran to launch petrochemical export hub in Austria
Tehran, Iran, April 17
By Mehdi Sepahvand - Trend:
Iran and an Austrian company have signed a MoU to create a hub for exporting Iran's petrochemical products to European countries, Petrochemical Commercial Company CEO Mehdi Sharifi Niknafs said.
He pointed out that the market so reached covers areas as far as Eastern Europe including countries such as Slovakia, Czech, and Bulgaria, SHANA news agency reported April 17.
Iran's revenues via petrochemical products' exports decreased by $2.5-$3 billion over the past year due to oil price fall.
Iran currently produces $20 billion worth of petrochemicals per year. Iran's petrochemical exports reached 19 million tons, worth $9.5 billion in the last Iranian fiscal year (which ended March 19).
Bijan Namdar Zanganeh, the Iranian oil minister recently said Iran plans to increase petrochemical output capacity by 25 percent by March 2017.