National petrochemical production capacity to rise in 5th plan

Deputy Oil Minister for Petrochemical Affaires Abdolhossein Bayat says Iran’s foreign exchange revenues will rise with development of petrochemical industries in the Iranian calendar year of 1391 (March 21, 2012-March 20, 2013).

Bayat said Iran’s revenues from petrochemical exports stood at 12 billion dollars last year.

He said those active in the petrochemical industry will double their efforts this year, thus bringing about higher productivity and production.

He noted that domesitc petrochemical production capacity stands at 51 million tons now, which will rise to 100 million tons in the future.

He said that in the Fifth Five-Year Plan there are plans to add 50 million tons to the production capacity, that is equal to the total capacity half a century ago.

To meet the target an investment to the tune of USD 50 billion is required, said the official, adding that in the Fourth Plan a total of USD 46 billion in investment were made to raise the production capacity in the petrochemical industry to 51 million tons.