MNA – Iran’s export of petrochemical products exceeded $11 billion last year, according to Minister of Petroleum Bijan Zanganeh speaking at a Parliament session on Sunday.
Oil Minister Zanganeh appeared at the Parliament on Sunday to answer a number of questions posed by the MPs.
He said over 90% of petrochemical revenues returns to the domestic Forex Management Integrated System (locally known as NIMA) which allows importers to supply their required foreign currency without specific problems.
“Last year, our petchem exports were valued at over $11 billion, $9 billion of which returned to NIMA, and the rest was consumed by the petchem industry,” he said.
He then praised the performance of private petrochemical companies, and said “all revenues obtained from the government’s exports of oil products returns to the treasury, and are completely in the possession of the Central Bank.”
“Petchem production will reach 100 million tons by the end of 2020. We are standing on a firm ground for taking a leap [in increasing production],” he added.
The construction of phase 11 of South Pars gas field will commence this year, he said.
He was then asked to elaborate on the status of Iran’s joint gas fields.
“We have two main fields: one is shared with Iraq, and our share is over 300,000 barrels. At the moment and before, our production has been 50,000 barrels; still, we have made more progress in this regard than Iraq,” he said.
“The other is the South Pars, shared with Qatar. Our production at the moment has doubled, and we are ahead of Qatar in daily production,” he added.
Zanganeh then maintained that the oil ministry has no issues with exporting oil productions.