Iran allocates $10 billion to develop petrochemical sector

Iran Materials 1 May 2012 12:01 (UTC +04:00)

Azerbaijan, Baku, May 01/ Trend F.Milad/

The National Development Fund of Iran has allocated $10 billion to fulfill 20 petrochemical plans, managing director of the National Petrochemical Company (NPC) said.

"Last year, $4 billion was allocated to fulfill 13 petrochemical plans," the Mehr News Agency quotes Abdolhossein Bayat as saying.

He went on to say that $4 billion has also been approved to be drawn out from the National Development Fund to launch several other projects.

Iran has developed 69 plans to boost its petrochemical output from this year's 54 million tons to 100 million tons in 2015, Emam Khomeini Petrochemical Company Managing Director Hasan Taqavi Ganji said on April 10.

The NPC production manager, Mohammad-Ali Bassaqzadeh, said that 30 kinds of petrochemical products have been exported to Asian, European, and African countries in the past calendar year, which ended on March 19.

Last year, Iran exported 16.2 million tons of petrochemical products to 60 countries and regions around the world.

According to the report, Western Europe and China are the main recipients of Iran's petrochemical exports, followed by Southeast Asia, the Middle East, the Subcontinent, Africa and Latin America.