Iran’s petrochem exports rise significantly in 2010, plans underway to open new facilities in 2011

30-Dec-10

Iran boasted significantly higher exports of petrochemicals in the current year and plans are to open new facilities in 2011. Abdolhossein Bayat, a deputy Iranian oil minister, said more than 10 miln tons of petrochemical products were exported since the beginning of the Iranian year in March- 22% higher than during the same period last year. Revenues from export of petrochemicals rose to US$6.2 billion for Iran during the current reporting period, up 47% compared with last year, the minister added. Four projects were slated for production launches in March. During the summer months, the country was compelled to switch many of its petrochemical plants over to gasoline production to cope with European and U.S. sanctions targeting it's energy sector.