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Iran's petrochemical exports to reach 1.8 billion dollars

Tehran, Feb 7, IRNA -- A senior official said here on Sunday that petrochemical exports will reach 1.8 billion dollars by March, stressing that the sector will launch added measures to attract more foreign investments during the Fourth Five-Year Development Plan.

According to the English-language paper 'Iran Daily', National Petrochemical Industries Company Director for Planning and Development Mohammad Hassan Peyvandi said the Management and Planning Organization (MPO) has instructed the industry to use to the fullest its domestic capacities to implement the country's various petrochemical projects, and that the sector would have to work more closely with foreign parties if it is to achieve this end.

He pointed out that only two major petrochemical projects have been implemented in partnership with foreign companies in recent years, and noted that the sector has to attract more foreign investment if it is to succeed in implementing other projects.

He called on the government to do more to attract foreign investment in the petrochemical industry.

Iran aims to capture the 35th position in the world's petrochemical ranking by March 2006 following plans to make 15 refineries operational in the southern hydrocarbon-rich region of Assalouyeh in the coming months.

The country is currently the 60th largest producer and exporter of petrochemicals in the world.

Petrochemical officials say the sector will replace the oil industry as the country's top foreign currency earner.

Despite its 40-year history, the petrochemical industry in Iran began to flourish only in 1996.

Iran's petrochemical production capacity is expected to reach 15 million tons by March 2006.

... Payvand News - 2/7/05 ... --

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