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.
Iran’s Deputy Oil Minister for Petrochemical Affairs Behzad Mohammadi said on Friday that the high global demand for his country’s diverse petrochemical products has made it impossible for Washington to impose sanctions on the sector.
Exports of petrochemical products in the eight months from March 21 to November 21 increased by 32 percent compared to the figure for the same period last year, according to data released by Iran Customs Administration.