News ID: 241347
Published: 0145 GMT April 13, 2019

Iran’s annual petchem exports fetch nearly $11bn

Iran’s annual petchem exports fetch nearly $11bn

Economic Desk

Iran exported 20 million tons of petrochemical products worth more than $10.6bn in the last Iranian calendar year (ending March 20) despite US sanctions.

Taqi Sanei, the managing director of the Nouri Petrochemical Company, said the products were shipped to different countries, IRNA reported on Saturday.

Sanei said Iran has 56 petrochemical plants which annually produce 50 million tons of petchem products.

“Sixty new units are under construction,” Sanei said, adding that once these plants come on stream, Iran’s petrochemical output will reach an annual record of 120 million tons.

He said the development of petrochemical units can help boost economy and create more jobs.

The NPC is located in the port city of Assalouyeh, Iran’s energy hub on the shore of the Persian Gulf.  It is the Middle East’s largest producer of aromatics with an annual capacity of 4.5 million tons.

Sanei said the main issue for the country’s petrochemical plants is procuring feedstock.

In recent years, Iran has capitalized on its petrochemical industry which is growing into a viable alternative for oil.

Last year, the US withdrew from a multilateral nuclear deal with Iran, and imposed sanctions targeting the country’s oil and banking sectors.

 

   
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