European firm to participate in Iran’s petrochemical project

Iran Materials 28 May 2013 16:25 (UTC +04:00)

Azerbaijan, Baku, May 28/ Trend F.Karimov/

A European company will participate in a petrochemical project in Iran, Mehr quoted Shazan Petrochemical Company managing director Reza Rahmani as saying.

The European firm will invest in dry ice production using carbon dioxide in Shazand Complex, Rahmani said. He did not reveal the name of the European company.

The managing director of the National Petrochemical Company (NPC) Abdolhossein Bayat predicted that the country's petrochemical exports will reach 17.4 million tons in the current Iranian calendar year which ends on March 20, 2014.

Iran exported 16 million tons of petrochemicals in the previous year, the IRNA News Agency quoted Bayat as saying.

However the statistics released by Custom Administration indicates 33 percent drop in petrochemical productions export in last solar year, compared to previous year and export revenues decreased from $15 billion to $10 billion.

According to Bayat, the world's annual petrochemical output stands at around 1 billion tons which costs $ 3.9 trillion.

Iran exports petrochemicals to over 60 countries. China with 22.7 per cent is Iran's largest destination market.

The Far East accounts for 18.5 per cent of Iran's total exports. Central Asia with 31.3 per cent, Southeast Asia with 6.1 per cent and Africa with 6.2 per cent are other destinations for Iranian petrochemicals.

By inauguration of numerous petrochemical projects, Iran's total petrochemical production capacity reached 60 million tons in the previous Iranian calendar year which ended on March 20, 2013.