Azerbaijan, Baku, Nov.28 / Trend F.Milad/
Iran has allocated $4 billion to implement 13 petrochemical projects and opened a $14 billion credit line for 16 other projects, the National Petrochemical Company's managing director announced.
"Totally, 69 petrochemical projects should be completed according to the Fifth Five-Year Development Plan (2010-2015)," he said, adding that $4 billion has been allocated from the National Development Fund to 13 projects, the Fars news agency reported.
The National Development Fund's reserves stand at $24.4 billion and at least 20 per cent of this sum will be allocated to promoting foreign investment, according to Iran's Finance and Economic Affairs Minister Shamseddin Hosseini.
The NPC director had previously told the ISNA news agency that Iran should attract some six billion dollars annually to complete 69 petrochemical projects which are underway.
The country has begun plans to gain the first ranking in the region in terms of the value of petrochemical products, Mr Bayat said.
Iran exported over $8 billion worth of petrochemical products in the first seven months of the Iranian current calendar year, which began on March 21, 2011 and planned to increase its exports to $12 billion by the end of the year.
The country exported some 10.5 million tons of petrochemicals to 60 countries in the aforementioned period of time, he told the Mehr news agency.
Exports are respectively 11 per cent and 34 per cent higher than the last year's figures in terms of weight and value, Mr Bayat added.
He said that in July that Iran produced more than 40 million tons of petrochemical goods in the last Iranian calendar year.
The country also exported 18 million tons of petrochemical products worth $11.6 billion last year, showing a 26 per cent increase compared to two years ago, he added.