Tehran, Nov 16, IRNA – According to a senior trade official Iran’s export of petrochemical products has increased 18% year-on-year.
‘We will expect a more active presence by Iran in international petrochemical markets by the time the remaining restrictions are phased out after the upcoming talks and the country’s banking transactions in petchem trading are lubricated,’ said the official according to shana.ir.
He said the petchem industry is a profitable method to lower crude oil and gas selling and can bring the country lots of value added.
Sanctions on petrochemical industry are one of the most complicated ones against Iran which target its non-oil revenues.
According to Iran’s National Petrochemical Company (NPC), the country has exported more than 7.8 million tons of petrochemicals worth more than $5.1 billion in the six months ending September 22.
Iran produced 40 million tons of petrochemicals in the last Iranian calendar year (ended March 20), with $9-billion worth of its products being exported.
The country, which is a major oil exporter, plans to increase its petrochemical exports to $12 billion this year.
The Islamic Republic is determined to become the biggest petrochemical producer in the Middle East.
The country has significantly expanded the range and volume of its petrochemical production over the past few years, and the NPC has become the second largest producer and exporter of petrochemicals in the Middle East after Saudi Arabia.
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