TEHRAN: Iran is looking to increase its petrochemical exports by around 25% by the end of 2016 after a lifting of western sanctions.
The country’s export sector was significantly hit by banking and shipping restrictions following sanctions imposed by US and European Governments, and the United Nations in 2012.
Sanctions will be soon lifted in the wake of the recently signed nuclear deal between Iran and world powers led by the US.
“We expect our exports of petrochemical products to increase by 20% to 25% in a short time.”
Iran Petrochemical Commercial managing director Mehdi Sharifi Niknafs was said, “We expect our exports of petrochemical products to increase by 20% to 25% in a short time, between a year and a year and a half.
“When banking, insurance and shipping restrictions are lifted, it will become easier to export and the costs will decrease.”
Local media earlier reported that Iran’s petrochemical products exports totalled around $14bn last year.
Trend news agency quoted Niknafs as saying that certain petrochemical complexes in Iran operate at 70% of capacity and there are some projects to be undertaken by foreign investors which will boost production level of the units developed by 80%.
By 2025, Iran seeks to attract $70bn investments to increase its petrochemical output to 180 million tonnes a year.
Last year, the country increased its gas production capacity by 100 million cubic metres per day (mcm / d), and plans to add additional 100mcm / d during the current fiscal.
