Baku, Azerbaijan, April 6
By Khalid Kazimov - Trend:
Iranian National Petrochemical Industries Co. CEO Abbas Sheri Moqaddam has said that Iran's petrochemical production hit 44.4 million metric tons for the previous Iranian fiscal year which ended March 20.
The number shows an improvement of 10 percent compared to the preceding year, the official stated, adding that production efficiency also rose by seven percent to reach 78 percent, the oil ministry's official SHANA news agency reported April 6.
"I hope that this year the Iranian National Oil Company provides enough ethane so that petrochemical industry output will improve by 2 million liters; and also by inaugurating more projects and increasing production efficiency to 80 percent, our output is expected to increase by 8 million metric tons," he stated.
Sheri Moqaddam pointed out that the Iranian petrochemical industry's development is behind schedule set by the 20-year development plan.
Under current circumstances the industry needs $8 billion investment per year.
He noted that there are 62 unfinished petrochemical projects in Iran waiting to be funded.
The huge share of petrochemical industry in Iran's $156-billion worth capital market (1 USD/31,000 rials, based on open market exchange rate) demonstrates the importance of petrochemical industry in Iran's economy.
During the previous year Iranian fiscal year, the country's petrochemical units faced an index drop at the capital market, due to uncertainty in getting the crude oil and gas price set for them by the government.
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