Iran plans to invest $ 30 bn in increase petchem output in 25 years

Iran, the Middle East's second largest producer of petrochemicals, plans to triple its annual output to 30 mmt in the coming 25 years.
Ahmad Rahgozar, president of the National Petrochemical Company (NPC), told the plan required investments of $12 bn in hard cash and 36 trillion rials ($ 20.6 bn) to build 30 large petrochemical plants. Rahgozar said that NPC does possess the science and technology to undertake the project. The NPC would use the $2 bn it expects to get in the state budget for the next Iranian year and domestic private capital to build 8 petrochemical plants. Rahgozar said petrochemical production in the current Iranian year which ends on March 20, 1997 would reach 10 mmt, up from 9 mmt last year.
Iran is the second largest petrochemical producer in the Middle East after Saudi Arabia. Tehran has set ambitious plans to boost revenue from petrochemicals and gas despite Washington's efforts to choke its oil industry.