Iran petrochemical industry needs $6 bln

Iran Materials 6 March 2012 15:10 (UTC +04:00)

Azerbaijan, Baku, March 6 / Trend M. Moezzi

Eighty percent of the petrochemicals that Iran exports are raw materials, the Iranian Students' News Agency (ISNA) quotes the country's petrochemical chief saying.
If Iran developed its downstream industries, it could transform its raw petrochemicals into final products with a higher added value, Abdol Hossein Bayat, the head of the National Iranian Petrochemical Company (NIPC), said today.

To expand the country's petrochemical production capacity, the NIPC needs $6 billion in funding.

In the first 10 months of the year (Iran's solar year ends on March 20) Iran's petrochemical exports were 28 to 29 percent greater than the same period last year, said Bayat.

Part of the increase is due to higher prices on global markets and part is due to a greater production capacity.