Iran to invest $50bln in Petrochemical sector

Addressing inauguration ceremonies of a petrochemical project (butane-1), Iranian Deputy Oil Minister for Petrochemicals, Abdolhosain Bayat said $50bln will be invested in the petrochemical industry over the fifth five year plan up to 2015, half of it in the Southern Bushehr province. According to the oil ministry's website, Bayat noted the current Iranian year named by the country's Supreme Leader as the 'Year of National Production, Supporting Iranian Labor and Capital', and underlined that more jobs would be created in the petrochemical sector this year. Referring to the huge potentials in the petrochemical sector, Bayat said the industry enjoys value-added possibilities so that investment in the sector would be beneficial. He further pointed to the butane-1 project start-up, and said that the product is a valuable and not abundant product which the country imported until last year, adding the project will not only meet domestic needs but also turn the country into an exporter of the product. "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 petrochemical industry, National Petrochemical Company (NPC) is ready to support those who are interested to invest in the sector," Bayat concluded.