TEHRAN- Iran’s export of petrochemical products is anticipated to reach $14 billion in the current Iranian calendar year (started on March 21), according to National Petrochemical Company (NPC) Managing Director Seyed Reza Norouz-Zadeh.

The official also announced that through completing some petrochemical projects in this year, petrochemical production is expected to hit 47 million tons, of which some 27 million tons will be exported, Shana news agency reported.

NPC managing director further said that 60 petrochemical projects with the nominal capacity of 65.4 million tons are currently underway throughout the country with $42.8 billion of investment.

Iran is among the few countries which have all kinds of petrochemical feedstock.

The future of Iranian petrochemical industry is promising after the implementation of JCPOA (Joint Comprehensive Plan of Action which lifted sanction against Iran in January 2016), according to Oil Minister Bijan Namdar Zanganeh.

Given that Iran ranks the first and fourth in the world in terms of gas and oil reserves, respectively, no country enjoys feedstock as much as Iran to develop its petrochemical industry, Zanganeh highlighted.

MA