SHANA -- Iranian Minister of Petroleum Bijan Zangeneh said the country’s petrochemical production capacity would reach 92 million metric tons per year by 2021.

Addressing a ceremony to officially launch phases 13 and 22-24 of the major joint gas field, that was held in the presence of the Iranian President Hassan Rouhani in the southern city of Assaluyeh on Sunday, Mr. Zangeneh said Iran’s petrochemical production capacity stood at 27 million tons in 2013 which is currently 31 mt/y and would reach 92 mt/y by 2021.

He said the value of petrochemical products produced in Iran, based on 2011 prices, stood at $36 billion which was more than double the amount by 2021 compared with 2013.

Zangeneh also said that Iran’s Euro-4 gasoline output stood at 76 ml/d from nothing back in 2012. Also, Euro-4 gasoil production capacity was at 44 ml/d currently.

He said Iran’s oil production from West Karoon oilfields had increased 5 times compared to 2013.