Despite Western sanctions against Iran’s oil industry, the country is plannning to expand its petrochemical industry, the managing director of the National Iranian Petrochemical Company (NIPC) told Press TV.
A conference has been held in Tehran discussing Iran’s booming petrochemical industry. Bayat also discussed Iran’s Fifth Five-Year Economic Development Plan of 2010-2015.
In the fiscal year of 2011 Iran exported around 18 million tons of petrochemical and polymer products, worth just over 14 billion dollars, to more than 60 countries.
This past year exports dropped as domestic consumption grew by 20 percent. Meanwhile, due to unilateral sanctions by the US and some of its allies against Iran’s oil industry, the country is increasing foreign direct investment.
Iran has significantly expanded the range and volume of its petrochemical products over the past few years. The National Iranian Petrochemical Company (NIPC) has become the second largest producer and exporter of petrochemicals in the Middle East after Saudi Arabia.
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