Azerbaijan, Baku, May 15/Trend M. Moezzi
The Iranian petrochemical industry uses $1.5 to $2 billion in parts and equipment annually, 70 percent of which is produced domestically, the Shana news agency reports.
The drive to make the petrochemical sector self-sufficient started in 1997, said Abdol Hossein Bayat, Managing Director of the National Petrochemical Company (NPC). Bayat was attending a ceremony to sign a contract with the Society of Iranian Petroleum Industries Equipment
Manufacturers (SIPIEM).
Seventy projects are underway in the petrochemical industry, and they need $50 billion in investments by the end of Iran's Fifth Five-Year Development Plan in 2015, said Bayat.
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