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Petrochem industry in Iran needs $20 bln in investments

Iran Materials 19 April 2012 15:57 (UTC +04:00)

Azerbaijan, Baku, April 19/Trend M. Moezzi

The National Petrochemical Company (NPC) in Iran has $20 billion (USD) in projects awaiting investors, the Iranian Students' News Agency (ISNA) reports.

Working to expand its number of products from 25 to 85, Iran's petrochemical industry is increasing its value, said Abdol Hossein Bayat the NPC's head.

Iran produced 18.2 million barrels of petrochemicals last year (Iran's solar year ended on March 19) and plans to reach 19.8 million barrels this year.

While Iran has the world's biggest reserves of oil and gas, a petroleum-dependent economy is unstable and vulnerable, said Mr. Bayat. That's why there's a serious focus on not just selling raw
materials.

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