TEHRAN - Iran inaugurated a large petrochemical complex, with a projected annual output of 300,000 tons of high density polyethylene, in the western province of Kermanshah on Tuesday.
The construction of the complex started in 2005. It cost €165 million plus 1.6 trillion rials (about $130 million) to be completed, IRNA reported.
The complex will create around 1,500 jobs, and it is projected to produce about $429 million of polyethylene annually.
Iran plans to boost petrochemical production by 12 million tons by the end of spring (June 20, 2013), National Petrochemical Company Managing Director Abdolhossein Bayat said on December 29, 2012.
In November 2012, Bayat said that about $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.
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.
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