BAKU, Azerbaijan, March 14. Iran's petrochemical exports are expected to increase by 1.5 million tons in the current Iranian year (from March 21, 2023 through March 19, 2024) compared to the same period last year, Iran's deputy oil minister and executive director of the National Company of Petrochemical Industries Morteza Shah-Mirzaei said, Trend reports.
According to Shahmirzaei, petrochemical production is expected to grow to 29 million tons in the current year.
The deputy minister mentioned that this year has seen a drop in the price of petrochemical products on the global market. There have even been price reductions of up to 60 percent on certain products. Iran is, nevertheless, making the required preparations to boost petrochemical product exports.
Meanwhile, Iran's petrochemical exports amounted to 45.6 million tons worth about $18 billion during the first 11 months of the current Iranian year (from March 21, 2023 through February 19, 2024).
To note, Iran's petrochemical production potential currently stands at 92 million tons per year. The potential for petrochemical production is expected to rise to 95 million tons by the end of the current Iranian year (March 19, 2024).
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