TEHRAN (FNA)- Deputy Oil Minister for Petrochemical Industry said the ministry will support the capable companies from the private sector in its projects.

“The National Iranian Petrochemical Company (NIPC) would like to help tap the potentials of the private sector to develop the industry,” said Abbas Sha’ri-Moqaddam who is also the company’s CEO.

Referring to the need to employ modern technology in the petrochemical industry, he stressed transfer of know-how, indigenization of technology, and research activity to secure achieving the objective of Second Leap as suggested by the minister.

Iran’s Petrochemical Commercial Company (PCC) exported 2.48 million tons of petrochemical products valued at 1.629 billion dollars during the first half of the current year (March 21-Sept 22).

The company announced that with completion of phases 15-18 of South Pars gas field and production boost, the export value can hit 2 billion dollars by end of the year (March 20).

Based on the policies of the Ministry of Petroleum which discourages crude sale of products in a bid to boost employment, PCC expects that petrochemicals’ annual production can amount to 120 million tons.

The output can pass 180 million tons after an investment of 41 billion dollars.

By Fars News Agency