|Iran plans to triple annual petrochemical output to 180m tons: official||
TEHRAN – Iran plans to boost annual petrochemical output to 180 million tons from around 60 million tons currently.
National Iranian Petrochemical Company Managing Director Abbas She’ri-Moqaddam said once semi-finished petrochemical projects are completed and a number of planned petrochemical units come on stream, the country’s petrochemical output will be increased to 180 million tons per year, the IRNA news agency reported on Saturday.
However, he did not set a specific date by which the goal would be realized.
She’ri-Moqaddam made the remarks on the sidelines of the 11th International Petrochemical Forum of Iran, which was inaugurated on Saturday.
“The finance required to implement the projects is planned to be secured through attracting foreign investment,” he added.
The official said that by implementing four petrochemical plans, worth $41 billion, Iran’s annual petrochemical output will witness a two-million-ton growth in the current Iranian calendar year, which will end on March 20, 2015.
Iran’s oil and petrochemical exports have increased following some sanctions relief on the Islamic Republic, including the EU and U.S. bans on the country’s petrochemical exports.
The ban ease is part of an agreement inked in Geneva last November between Iran and the five permanent members of the UN Security Council - the U.S., France, Britain, Russia, and China - plus Germany, under which the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.
The Geneva deal took effect on January 20.
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