Iran petrochem exports to hit $12b

Tehran, April 9, IRNA - A top official of the National Petrochemical Company has predicted Iran’s petrochemical exports to soar to $12b this year as international sanctions are easing. Hossein Shahryari, who is the planning and development director of NPC, said that Iran’s petrochemical industry has many capacities which require attraction of fresh investment, the petroenergy news network SHANA reported on Wednesday. “In recent years, domestic sale of petrochemicals has increased significantly and with the implementation of new development projects, the [country’s] petrochemical production capacity will significantly rise,” he said. Shahryari said $33b investment is needed for the development of the petrochemical industry, adding that completion of the projects would generate $26b in revenues. He asked lawmakers to facilitate attraction of investment. Shahryari said the petrochemical industry must have attracted $3.5b investment in the last Iranian year ended March 20, 2014, while only $1 b was attracted.