TEHRAN- The value of Iran’s petrochemical exports during the first 10 months of the current Iranian calendar year (March 21, 2019-January 20, 2020) rose five percent compared to the same period of time in the past year, IRNA reported on Sunday.

According to Seyed Hamid Hosseini, the spokesman of Iranian Oil, Gas and Petrochemical Products Exporters' Union (OPEX), the increase in petrochemical exports during the mentioned time span was more due to the inauguration of new petrochemical plants in the country.

Mentioning the possible negative impacts of the coronavirus outbreak on the country’s trade with the neighboring countries, the official said: “The virus outbreak could impact he exports of petrochemical products since most of Iran’s exports are to the neighboring countries.”

He underlined the fact that Turkey and Iraq are the two main destinations for Iran’s petrochemical exports, noting that if the coronavirus is not contained and the closure of the borders between the mentioned countries with Iran continues it could significantly affect the petrochemical exports in the upcoming months.

As a major petrochemical supplier to the world markets, Iran is currently producing nearly 70 million tons of petrochemical products annually.

Turkey, Iraq, China, United Arab Emirates (UAE), Afghanistan and India are among the major export destinations of Iranian petrochemical products.

Back in December 2019, President Hassan Rouhani had stressed the significant role of petrochemical industry in the country’s economy in the face of U.S. sanctions, saying that it is at the forefront of the country’s non-oil exports

According to the Oil Minister Bijan Namdar Zanganeh, Iran's annual petrochemical output is expected to reach more than 100 million tons by 2021, despite U.S. sanctions.

EF/MA