Iran Proposes D8 States to Set up Joint Petrochemical Forum

Iranian Deputy Oil Minister and Managing-Director of the National Petrochemical Company (NPC) Abdolhossein Bayat announced that Tehran has proposed the eight Muslim developing countries (D8) to set up their first joint petrochemical forum.

The petrochemical conference of the D8 countries opened in Tehran on Monday concurrent with the 10th International Petrochemical Industry Conference.

“At this meeting, Iran proposed establishment of the first forum of petrochemical and polymer-producer states to the countries present at the D8 meeting,” Bayat said on Tuesday.

The Developing-8 is a group of developing countries with large Muslim populations that have formed an economic development alliance. It consists of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.

Bayat underlined the necessity for the creation of a joint petrochemicals market among the D8 members, and said the D8 countries also discussed price indices for all petrochemical products, conducting joint scientific and technological researches as well as arrangement of training courses and joint seminars.

“The NPC seeks to create a big pole in the world petrochemical industry with the cooperation of the D8 to cover a population of nearly one billion people through multilateral cooperation and relying on this market,” he added.

Iran has significantly expanded the range and volume of its petrochemical products over the past few years, and the NPC has become the second largest producer and exporter of petrochemicals in the Middle East after Saudi Arabia.

Iran exports petrochemical products to more than 60 countries. The main destinations include the Far East, Central Asia, Southeast Asia and Africa.