Azernews.Az

The managing director of the National Petrochemical Company (NPC) Abdolhossein Bayat has predicted that the country's petrochemical exports will reach 17.4 tons in the current Iranian calendar year which ends March 20, 2014.

Iran exported 16 million tons of petrochemicals in the previous year, IRNA news agency quoted Bayat as saying.

However the statistics released by Custom Administration indicates 33 percent drop in petrochemical products export in last solar year, compared to previous year and export revenues decreased from $15 billion to $10 billion.

According to Bayat, the world's annual petrochemical output stands at around one billion tons worth some 3.9 trillion dollars.

Iran exports petrochemicals to over 60 countries. China with 22.7 per cent is Iran's largest destination market.

The Far East accounts for 18.5 per cent of Iran's total exports. Central Asia with 31.3 per cent, Southeast Asia with 6.1 per cent and Africa with 6.2 per cent are other destinations for Iranian petrochemicals.

By inauguration of numerous petrochemical projects, Iran's total petrochemical production capacity reached 60 million tons in the previous Iranian calendar year which ended March 20.

According to Bayat, once all the Mehre Mandegar projects in the petrochemical sector come on stream, 12 million tons would be added to the country's petrochemical production capacity.

According to Iranian Oil Minister Rostam Qasemi, the country plans to build 70 new petrochemical production units.

"Once all the units come on stream the nation's installed petrochemical production capacity would reach 100 million tons," he said. "The petrochemical sector is one of the most profitable industries of Iran and we can guarantee a 30 per cent interest rate to investors."