Iran to commission petrochemical project

Iran Materials 8 July 2019 15:49 (UTC +04:00)

Baku, Azerbaijan, July 8

By Elnur Baghishov - Trend:

The petrochemical project of Iran worth 2.2 billion euros will be commissioned within the period from 23 August to 22 September, Managing Director of Export Development Bank of Iran (EDBI) Ali Salehabadi said at the 2nd National Conference on Exports, Insurance and Investment, Trend reports referring to IRNA.

According to Salehabadi, this petrochemical project will add about $1 billion to Iran's exports annually. Salehabadi added that the export of non-oil products is important under current conditions.

Salehabadi said that exports of non-oil products will help stop the Iranian economy from being single-product-oriented. "Even if Iran's oil exports reach zero, exports of non-oil products will fully pay for the imports," he said.

According to Salehabad, the EDBI provided loans worth 51.4 trillion rials (app. $1.22 billion) and $343 million to exporters last Iranian year (started March 21, 2018).

Salehabadi said that loans worth 1.51 trillion rials’ (app. $36 million) were given to knowledge enterprisesth last year, along with loans amounting to 7.94 trillion rials’ (app. $189 million) to small and medium-sized enterprises.