TEHRAN – Iran’s petrochemical sector’s output is set to increase up to 20 percent in the second half of the current Iranian calendar year (which ends on March 20, 2017), compared to the same period the last year, Shana quoted an official as saying on Tuesday.

According to Alimohammad Bosaqzadeh, the production control director in Iran’s National Petrochemical Company (NPC), the country’s petrochemical complexes’ output also witnessed a 5-10 percent rise during the first half of the current Iranian calendar year (March 20-September 21, 2016) compared to the same period in the previous year.

The official also noted that the petrochemical industry's six-month domestic consumption has increased 12-18 percent year-on-year.

After the implementation of Iran’s nuclear deal, NPC has received high willingness from European companies for cooperation with Iran in the petrochemical sector both in financing and licensing.

According to NPC Managing Director Marziyeh Shahdaie, Iran is producing 65 million tons of petrochemical products annually and the country plans to triple its installed capacity of petrochemical complexes in the next ten years.

“Iran has reached 70 percent self-sufficiency in manufacturing equipment needed in petrochemical industry,” Shahdaie said.

EF/MA