Iran to invest $50 billion in 65 petrochemical projects

Iran Materials 21 May 2011 16:41 (UTC +04:00)

Azerbaijan , Baku, May 21 /Trend/

Iran will invest $50 billion to build about 65 new petrochemical projects with production capacity of 66 million tons, National Petrochemical Company Managing Director AbdolHossein Bayat was quoted by Mehr News Agency as saying.

The establishment process embarked in line with the Fifth Five-Year Economic Development Plan.

Iran 's production capacity of petrochemical products reached 38.6 tons in 2009. It increased by 51 million tons last solar year (ended on March 20, 2010).

Iran invested $9.3 billion in about 27 petrochemical projects with 12.8-production capacity, he added.

The petrochemical products cover 30 percent of Iran's non-oil export.

Iran exported $28.4-billion-non-oil products together with technical and engineering services, as well as $66.21-billion-oil and gas products during the previous Iranian year (ended on March 20, 2010).

According to the International Monetary Fund (IMF), Iran is the third largest country in the Middle East and Central Asia in terms of exports and imports.