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Iran to funnel $25b into petrochemical industry

TEHRAN, Sept. 4 (Mehr News Agency) -- Over $25 billion will be invested in the petrochemical industry within a period of four years, said the director general of the National Petrochemical Company (NPC).

Speaking in a press conference here on Monday, Mohammad Ebrahimi-Asl said the huge investment will be used for realization of the objectives envisaged in the fourth and fifth development plans.

During the first five months of last year (March 20 through Aug. 22, 2005) about 1.5 million tons of petrochemicals were traded domestically, while the figure rose to two million tons in the same period this year.

Petrochemical industry, this year, enjoyed 34% growth in export volume and 113% in domestic trade value, Ebrahimi-Asl further noted.

As for the export rate of petrochemicals within the specified period last year, Ebrahimi-Asl said the export rate of petrochemicals stood at around 1.6 million tons, while this year the figure jumped to two million tons. "Therefore, there is 26% increase in volume and 65% increase in value of the petrochemicals," he noted.

The official further observed that according to comparative statistics, the total volume of foreign and domestic sales of NPC has reached $2.2 billion which shows a 30% increase in volume and 83% increase in value.

NPC has already established dealerships and marketing branches in China, Singapore, Korea, India, Dubai, Germany, Britain and Turkey. "We do not have a marketing branch in the United States, but we are conducting a research project for technical expertise in the United States that is being carried out by Iranian specialists."

The total population of Iran's neighboring countries is about two billion. All these countries are in dire need of Iranian-made products; therefore, there is no need to undergo heavy expenditures to market products in faraway countries.

"In a joint venture between Iran and Venezuela, Venezuela delivers to Iran the products it intends to export to India and Middle East, while in return, Iran delivers to Venezuela the products it aims to export to Brazil and the United State," he said.

Elsewhere, Ebrahimi-Asl said the plan to liberate the prices of petrochemicals is on the desk for further deliberation.

... Payvand News - 9/5/06 ... --

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