Iran to increase petchem capacity to 47 million tons by year end
In line with the country’s expansion targets, Iran’s National Development Fund (NDF) has announced that they will allocate more than $1 billion for four petrochemical projects in the country. Once the planned petrochemical projects are completed, Iran’s annual petrochemical output and exports will increase by 3.5 million tons and 2.6 million tons, respectively.
Data released by Iran’s Customs Administration showed that the country’s petrochemical exports reached 14.109 million tons worth around $8.205 billion in the first seven months of the Iranian calendar year beginning on March 21. Iran is planning to double its petrochemical capacity by 2018 as the country expects to see higher demand from overseas markets once sanctions are lifted.
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