Iran would commence several petrochemical projects with $5.4 billion worth by March 21 and the annual value of the country’s petrochemical products would increase by $5.1 billion, Iran’s oil minister said July 19.

The projects Kavian 2, Morvarid, Kurdistan Polyethylene, Pardis plant’s 3rd phase, Ammonia and Urea Plant of Assaluyeh, Entekhab Polystyrene and Deyr Methanol Plant would become operational by the end of current fiscal year (March 20, 2017), said Iran’s energy minister Bijan Namdar Zanganeh Shana reported.

He added that next fiscal year also some prophetical plants would become operational and add about $6.7 billion to petrochemical products value.

Zanganeh said that petrochemical sector share 1.5 percent in Iran’s GDP.

The country produced 46 million tons of petrochemical products last fiscal year, of which 19 million ton was exported.

The country’s nominal petrochemical production capacity stands at about 60 million tons per year, but Iran plans to double this volume by 2021.

Source: Trend