Iran eyes $22.6b revenue from petchem bonanza
TEHRAN August 26(Shana)—Iran’s petrochemical industry will fetch the country 22.6 billion dollars by the end of the current calendar year to March 2016, National Petrochemical Company (NPC) estimates indicate.
According to NPC, the country’s petrochemical production capacity rose from 59.8 million tons/year in 2005 to 62.6mt/y in 2015.
Furthermore, Iran produced 44.5mt during the previous Iranian calendar year which is expected to rise to 50mt/y by the end of the current calendar year to March.
Iran exported only 5.2mt of petrochemicals in 2005 while the figure stood at 16mt/y for the previous calendar year which ended March 21 2015.
The petrochemical industry fetched 10.3 billion dollars from the export of its products during the year, up from $2.3b in 2005. The figure is expected to hit $11b by March 20 2016.
Moreover, Iranian petrochemical plants sold 16.3mt of petrochemical products worth IRR333.5b on the domestic market last year. The amount is expected to reach 18.7mt fetching the industry IRR335b.