News ID: 237633
Published: 0318 GMT January 20, 2019

Minister: Iran’s annual petchem output to hit $40b

Minister: Iran’s annual petchem output to hit $40b

Iran’s Minister Bijan Namdar Zanganeh said Sunday that the country has the capability to double its annual petrochemical output to hit $40 billion worth annually.

"We can double the country's petrochemical production capacity to $40 billion, and this is completely feasible," Zanganeh lawmakers at an open parliamentary session.

Zanganeh said the Oil Ministry could barely produce $1 billion worth of petrochemicals back in 1997 but now the production has reached $20 billion.

He maintained that about $5.5 billion of the current production capacity is distributed domestically for the purchase of raw materials for petrochemical plants.

Zanganeh further stressed that the status of Iran’s oil technology is incomparable to how it was 20 years ago, saying, “At the moment, we can build even the most complex oil platforms, and this progress will definitely continue.”

The minister also pointed to gasoline production, saying Iran has seen an “unprecedented” growth of 83 percent in daily output.

He said gasoline production was 52 million liters per day six years ago, but now it stands at 95 million liters.


Oil sales at stock exchange

Zanganeh said the third round of a plan to sell oil through Iran’s stock exchange will take place this week.

He said Iran’s high economic council has given permission for the third round of oil sale through the stock exchange.

During the second round in November 2018, three buyers placed their bids when 700,000 barrels of crude was offered in the international ring of the Iran Energy Exchange (IRENEX). The batch was sold at $64.97 per barrel in three deals.

In the first round, 280,000 barrels of oil was sold at the stock exchange in October.

In July 2018, Vice President Es’haq Jahangiri said Iran would sell oil through stock exchange to bypass US sanctions on Iran’s oil exports.

Tasnim and Mehr news agencies contributed to this story.






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