News ID: 258798
Published: 0233 GMT September 16, 2019

Zanganeh declares huge leap in petchem production

Zanganeh declares huge leap in petchem production

Iranian Oil Minister Bijan Namdar Zanganeh announced that the country has made great progress in the production of different petrochemicals and will further expand its capacities in the future.

“The second leap in the petrochemical sector is getting accomplished and the third leap has started,” Zanganeh told reporters after a cabinet meeting in Tehran on Monday, Shana reported.

“In the second leap, 100 million tons of petrochemicals worth $25 billion were produced, which will increase to $37 billion in the third leap by 2025,” he added.

Zanganeh also underlined that the production of gasoline in Iran had doubled, adding that 110 million liters of gasoline is produced in the country every day.

The oil minister had also on Saturday stressed the ineffectiveness of US sanctions on Iran’s capability to export its crude, saying that pressures have backfired and accelerated development of his country’s oil industry.

“We have shown in the oil exports sector that the US cannot bring our exports to zero,” Zanganeh said in Tehran.

The managing director of the National Petrochemical Company (NPC) announced that his company is preparing to issue bonds for financing petrochemical projects.

Speaking on Monday, Behzad Mohammadi said that NPC was preparing a preliminary draft for the issuance of bonds in foreign currencies and in rial to be approved by the government in a bid to help resolve some of the financial problems of petrochemical projects.


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