Iran’s Tabriz Petrochemical Company to cede 10.4 percent of shares
Azerbaijan, Baku, Sept.30/ Trend, F. Karimov/
A 10.4-percent block of shares of Tabriz Petrochemical Company will be put on sale on Wednesday on the Tehran OTC market, IRIB reported.
The block contains 540,048,800 shares. Each share is valued at 4,101 rials.
Tabriz Petrochemical Company's assets amount to 4.9 trillion rials (about $197 million).
Iranian Oil Minister Bijan Namdar Zanganeh expressed hope that the value of the country's annual petrochemicals output reach $40 billion.
"The figure currently stands at $20 billion," the ISNA News Agency quoted Zanganeh as saying.
"By boosting the petrochemical industry, Iran will be able to lower the rate of crude selling which will be more profitable for the country," he said.
"Currently, some petrochemicals are being delivered to Taiwan and China in order to turn them into the final product, so Iran has a high potential to boost its petrochemical industry," Zanganeh added.
Iran exported 14.4 million tons of petrochemical products worth 10.1 billion dollars in the previous calendar year (which ended March 20).
The figure shows a 32 and 33 percent increase in terms of weight and value respectively, compared to its preceding year, the Mehr News Agency reported.
Iran produced 10.6 million tons of petrochemical products in the first three months of the current Iranian calendar year, which started on March 21.
Iran's current petrochemical production capacity stands around 60 million tons, the Mehr News Agency reported.
Tehran plans to produce 50 million tons of petrochemicals by the end of the current Iranian calendar year (March 20, 2014).