Iran plans to boost petrochemical output by 5m tons

TEHRAN,June 7(MNA) - The National Petrochemical Company’s managing director said that Iran plans to increase its petrochemical output by more than 5 million tons to 49 million tons in the current calendar year which ends on March 20, 2013. Abdolhossein Bayat told the Mehr News Agency that Iran has designed and implemented 69 new projects to boost its petrochemical output to around 100 million tons by 2015. The country’s installed petrochemical production capacity is currently over 55 million tons per year, he noted. Bayat, who is also Iran’s deputy oil minister, said that the country's petrochemical exports have not declined despite EU sanctions. “Iran has explored new destinations to export its petrochemical products. “Currently the exportation of petrochemical products to Europe is underway on a regular basis.” On April 18, Bayat said that Iran exported some $14 billion worth of petrochemical products to 60 countries during last calendar year, which ended on March 19. He added that $10.5 billion of oil income will be allocated to the development of the national petrochemical industry.