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| Iran plans to boost petchem exports to SE Asia |
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 TEHRAN — By launching two new petrochemicals storage and distribution hubs in China and Vietnam, Iran plans to raise its petrochemical exports to east and southeast Asian countries, Mehr news agency quoted a report by the National Petrochemical Company as saying.Iran has already launched petrochemicals storage and distribution hubs in South Korea, the Netherlands, Belgium, and the UAE. Launching another petrochemical hub in an eastern European country is also on the agenda, the report further said. National Petrochemical Company has targeted 46 million tons of petrochemicals output in the current Iranian calendar year (to end on March 20, 2012). It is forecasted that the company would earn around $20 billion this year through selling petrochemicals both in domestic and foreign markets. With 27 percent of the Middle East’s total production, Iran is the region’s second largest producer of petrochemicals, after Saudi Arabia. Last year, the Islamic Republic of Iran produced 40 million tons of petrochemicals, exporting over 16 million tons of it. In December 2010, the Oil Ministry reported a 35 percent increase in Iran's petrochemical production in the period between March 21 and October 22. Iran sold about 14.13 million tons of petrochemical products during the period. Iran's petrochemical exports to China exceeded $1.65 billion in the current Iranian calendar year from an average of $482 million in recent years. By the end of March 2011, the value of Iran's petrochemical exports to China reached $2 billion. Iran is currently trying to increase petrochemical exports by targeting new markets in Africa, Latin America, and China. About 65 new petrochemical projects with an annual production capacity of 66 million tons are expected to come on stream during the Fifth Five-Year Economic Development Plan (2010-15). HL MNA END
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