Iran’s oil minister Bijan Zanganeh said in a Sunday speech during the 12th Iran Petrochemical Forum that the country’s petrochemicals industry was about to make a big leap, producing $70 billion worth of products per year.

Iran to boost petrochemicals output

Iran

TEHRAN, December 14, 2015 – Iran’s oil minister Bijan Zanganeh said in a Sunday speech during the 12th Iran Petrochemical Forum that the country’s petrochemicals industry was about to make a big leap, producing $70 billion worth of products per year.

Zanganeh said high investment and the access to modern technologies post-sanctions will revive the industry. Exports, foreign investment and banking activity related to the petrochemicals sector will also be relaxed once sanctions are lifted in early 2016.

 

Iran’s annual petrochemicals output was 44 million tonnes in 2014. This amount will increase to 70 million tonnes by the end of March 2017, the Tehran Times reported Iran’s National Petrochemical Company managing director Shari Moqaddam as saying.

Moqaddam also said the country’s stability, oil and gas reserves and low cost of energy, making the country an attractive investment destination. Iran will next aim to diversify its petrochemicals products and find new export markets.

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