Iran’s annual petchem exports projected to hit $14b

Iran has exported over $10 billion worth of petrochemical products since the beginning of the current Iranian calendar year (March 20, 2012), and the figure is projected to hit $14 billion by the end of the year.

Iran’s annual petrochemicals production capacity stands currently at 56 million tons, according to the Mehr News Agency.

Over 31 million tons of petrochemicals have been produced since the beginning of the current Iranian year.

In November 2012, IRIB quoted National Petrochemical Company Managing Director Abdolhossein Bayat as saying that as much as $80 billion in investment opportunities have been identified in both the upstream and downstream sectors of the Iranian petrochemical industry, which is taking great steps toward development.

Bayat added that nine petrochemical projects will be implemented in the current Iranian calendar year, which will boost the country’s output by 8 million tons.

China and countries in Western Europe are the main recipients of Iran’s petrochemical exports, followed by countries in Southeast Asia, the Middle East, the Indian subcontinent, Africa, and Latin America, he noted.

Iran is seeking new markets for its petrochemical products. Toward this end, the NPC has been identifying new export targets for the past two years, and boosting exports of polymer products is on the agenda.

In April 2012, Bayat said that Iran exported $14 billion worth of petrochemical products to 60 countries during the previous Iranian calendar year (March 2011-March 2012).

He added that $10.5 billion of oil revenues will be allocated for the development of the national petrochemical industry.