Iran plans to boost Petrochemical production

Bayat said the company endeavors to realize its planned targets for this year, including boosting production, Shana reported. Citing to the Supreme Leader of the Islamic Revolution's remarks on boosting growth and development in the oil industry, the official noted that completion of developmental plans and unfinished projects, focusing on boosting production along the development of downstream industries are among the main objectives of the sector in current year. Bayat also said last week that during the fifth five year plan 50 billion dollars would be invested in petrochemical industry, half of them in Bushehr province south of Iran. Addressing inauguration ceremonies of a petrochemical project (butane-1), Bayat said this year more jobs would be created in the sector. Referring to the existence of extensive potentials in petrochemical industry, the official said the industry enjoys value-added advantages so that investment in the sector would be beneficial. "Last year the value of petrochemical exports stood at 14 billion dollars while the weight of it reached 43 million tons out of which 18 million tons were exported," Bayat noted. "Regarding widespread investment potentials in the petrochemical sector, the National Petrochemical Company (NPC) is ready to support those interested to invest in the sector," NPC's managing director concluded.