TEHRAN Sept 22 (Shana)--Irans Petroleum Minister Bijan Namdar Zangeneh said petrochemical exports would have earned the country $27 billion if no sanctions were imposed on the Islamic Republic.The total value of petrochemical products sale was nearly $1 billion in 1376 (the calendar year ending March 2008). It has reached $25 billion and could have hit $27 billion if there were no sanctions, Zangeneh said.
He said that half-finished petrochemical plants have to be completed, adding that the petrochemical units are required to increase their revenues by $4-$6 billion dollars up to March next year.
Zangeneh said Petroleum Ministry feels obligated to encourage the private sector to invest in profitable petrochemical projects and that the necessary facilities have been provided.
Diversity in products and achievements of Irans petrochemical industry can create double incentives for investors in this industry, he said.
Zanganeh said Iran needs nearly $70 billion in investment for financing new petrochemical projects.
By SHANA
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