$30b needed for Iran petchem plants

TEHRAN April 25(Shana)–Iranian minister of economy and finance has said that some $30 billion is needed for completing under-construction petrochemical plants.

“Petrochemical plants currently under construction need around $30 billion in hard currency,” Ali Tayyeb-Nia said.

He added that the balance of National Development Fund of Iran (NDFI), Iran’s sovereign wealth fund, is not enough to provide this sum.

Iran is expected to earn $32 billion from domestic sale and export of petrochemical products this calendar year to March 2016.

Iran is expected to sell 32 million tons of petrochemicals on domestic markets for $22 billion.

Iran’s petrochemical exports are expected to reach 16 million tons.

Iran is currently producing 44 million tons of petrochemicals while the country’s production capacity stands at 60 million tons.