Investment in Iranian petrochemical sector to exceed $ 3 bn

Dec 30, 2004 01:00 AM

Investment in the petrochemical industry has exceeded $ 3 bn in the 2004-05 fiscal and the products are expected to earn the country $ 5 bn in the 2005-06 fiscal, said Commerce Minister Mohammad Shariatmadari.
Addressing a group of officials on the 40th anniversary of the establishment of National Petrochemical Company (NPC) of Iran, Shariatmadari said Iran targets a production of 76 mm tons of petrochemicals, worth $ 26 bn, a year by the next 11 years.

Shariatmadari said Iran has managed to raise its capacity for production of petrochemical products to 19 mm tpy under $ 33 bn investment based on a 19-year plan, starting from 1996. He said government had adopted the 19-year plan to rid the country of a single-product economy and diversity sources of income.
The minister said Iran, especially its petrochemical sector, aims at consumer oriented system as is customary on the world markets.

He called for private sector's involvement in the downstream petrochemical industries to boost export of final products and other petrochemicals.
He also called for plans to raise volume of petrochemical final products and increasing the domestic and foreign investment.

Source: PetroEnergy Information Network
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