Iran plans to build two petrochemical plants in its northern areas along the Caspian Sea that will fully correspond to all required environmental standards, Iranian Oil Minister Bijan Namdar Zanganeh told Sputnik on Thursday on the sidelines of the Russian Energy Week forum in Moscow.
A cooperation agreement was signed between Iran’s Petrochemical Research and Technology Company (PRTC) and Tabriz Petrochemical Company (TPC) on Monday on the transfer of the technology to produce high-density polyethylene (HDPE).
Petrochemicals have become Iran's biggest driver of foreign currency income from exports ever since US sanctions limited the OPEC member's crude sales, Oil Minister Bijan Namdar Zanganeh said on Sunday.
Iran’s petrochemical production capacity will increase by 2.5 million tons per year once the projects to develop Ilam (wester Iran), Lordegan (western Iran) and Orumiyeh (northwestern Iran) petrochemical companies are completed.
Iranian petrochemical companies injected close to $10 billion in foreign currency into the domestic economy in the year to March 2019, said the managing director of the Persian Gulf Petrochemical Industries Company (PGPIC) on Saturday.
Iran is due to offer 10,000 tons of light naphtha, 2,000 tons of heavy naphtha and large cargoes of petrochemical products to domestic buyers through its energy bourse on Sunday, in a direct sale to bypass unilateral US sanctions.