TEHRAN (Reuters) -- Iran’s petrochemical production has risen 20 percent this year, the oil ministry said on Sunday, suggesting the Islamic republic could meet a target of 38.9 million tons this year.

Output from the beginning of the Iranian year on March 21 to November 8 was 18.19 million tons, an increase of 3 million tons on the same period last year, the ministry’s website said.
It said the Bandar-e Imam petrochemical unit had the highest output level of 3.4 million tons.
The National Iranian Petrochemical Company (NIPC) aims to boost the country’s petrochemical output to 38.9 million tons by the end of the year -- March 20, 2010 -- and 15.5 million tons of that is for export, the report said.
It gave no comparative figure for last year.
Iran is the world’s fifth-largest oil exporter but its oil-dependent economy has suffered because of the slide in world oil prices over the year. Iran says UN and U.S. sanctions over its nuclear energy program have not affected it.
The government plans to reform a subsidy system that analysts say costs up to $100 billion a year, or 30 percent of GDP.
The savings could help the country face any further UN sanctions that may target its gasoline imports. Iran lacks sufficient refining capacity to meet domestic gasoline needs, forcing it to import up to 40 percent of requirements.