Speaking in a meeting with members of the Board of Directors of the Association of Petrochemical Corporations, Bijan Namdar Zanganeh added that in 1997, Iran only exported $1 billion worth of petrochemicals, IRNA reported.
“If the Western sanctions were not imposed on the country’s oil sector, the value of petchem exports would have amounted to $27 billion,” he said.
He also said semi-complete petrochemical complexes should be made operational as soon as possible.
Zanganeh added that efforts should be made to increase the value of petrochemical output to $6 billion by March 2015.
He noted that the Oil Ministry is committed to encourage the private sector to invest in petrochemical industry, adding that the ministry offers incentives to private sector investors in this regard.
The minister said Iran produces diverse petrochemical products and has made great achievements in the industry, which can further stimulate investments.
Zanganeh stressed that the petrochemical industry requires modern technologies, injection of funds and new international markets.
“To implement new petrochemical projects, $70 billion worth of investments are required,” he said.
“A part of our concerns pertains to enhancing the safety of the working environment. Complexes and employers should pay more attention to the issue.”