Azernews.Az

By Sara Rajabova

Despite the Western sanctions, Iran has significantly expanded the range and volume of its petrochemical products during the recent few years, and the National Petrochemical Company (NPC) has become the second largest producer and exporter of petrochemicals in the Middle East after Saudi Arabia.

Iran's petrochemical exports are predicted to hit 17 million tons in the current Iranian calendar year, which began on March 21, Mehr News Agency quoted National Iranian Petrochemical Company's official Ramezan Oladi as saying.

Last year, about 41 million tons of petrochemicals were produced, he said, adding that more than 30 percent of the output was exported.

Domestic petrochemical plants also produced about 1.8 billion liters of gasoline, he noted.

During the last calendar year, which ended on March 20, Iran exported petrochemical products at the cost of about $12 billion, Shana News Agency reported with reference to Iranian Deputy Oil Minister Abdolhossein Bayat.

The volume of exported products amounted to about 16 million tons, he noted.

Last year, petrochemical products were exported to around 60 countries of the world, he said.

Iran's nominal petrochemical production capacity was increased by about 13.2 percent during the previous calendar year, according to Shana.

Earlier in March, Bayat said the country's petrochemical output is planned to hit 100 million tons by 2015.

He said Iran is in negotiations with some countries for exporting its new petrochemical products.

Also, in February, Bayat announced Iran's plans to establish three new petrochemical hubs in the nearest future, saying the projects will turn Iran into the biggest petrochemical producer in the Middle East.

On Sunday, Bayat said the country plans to establish a new petrochemical hub near the Sea of Oman in a bid to facilitate exports to India and China.

He said that the new petrochemical hub which will be set up in the southeastern port city of Chabahar would need $20 billion in investment.

"Reducing the cost of petrochemical exports to India and China will be the most important achievement of this new petrochemical hub," the Iranian deputy oil minister said.

"Industrial and economic development in the east and southeast of Iran is the main reason behind the establishment and inauguration of the country's third petrochemical hub," Bayat added.

He said the new hub will add 15 million tons to the country's petrochemical production.

The previous two hubs were set up in Assaluyeh, which houses the massive installations of the offshore South Pars Gas Field and in Mahshahr which is an oil-rich city in southwestern Iran.

Nearly 60 countries, mainly from South and Southeast Asia, imported Iran's petrochemical products in the previous Iranian calendar year.

Iran is determined to become the biggest petrochemical producer in the Middle East.