News ID: 257816
Published: 0256 GMT August 25, 2019

Minister says 2018 petrochemical exports fetched over $11b

Minister says 2018 petrochemical exports fetched over $11b

Iran’s exports of petrochemical products exceeded $11 billion last year, according to Oil Minister Bijan Namdar Zanganeh speaking at a Parliament session on Sunday.

He said over 90 percent of petrochemical revenues returned to the domestic Forex Management Integrated System (locally known as NIMA) which allows importers to supply their required foreign currency without specific problems, Shana reported.

He praised the performance of private petrochemical companies and said, “The whole revenues obtained from the government’s exports of oil products return to the treasury, and are completely in the possession of the Central Bank of Iran.

“Annual petrochemical production will reach 100 million tons by the end of 2020.”

The construction of Phase 11 of South Pars gas field will commence this year, he said.

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