Iran exports more than 9M tons of petrochemical products
By Sara Israfilbayova
Iran exported more than 9 million tons of petrochemical products worth $ 4,593 billion during the first five months of the current Iranian calendar year (March 21-August 22, 2017), IRNA reported.
Director of Production Control in Iran's National Petrochemical Company (NPC)Alimohammad Bosaghzadeh earlier said that during the first five months of this year, the level of petrochemical products of the country increased by 5 percent compared to the same period of the previous year.
Bosaghzadeh announced that by the end of the current calendar year seven new petrochemical projects are planned to be implemented.
In the past calendar year, he estimated the level of petrochemical products at 51 million tons, saying that by the end of this year, this figure will reach 56 million tons.
Iranian Oil Minister Bijan Namdar Zangeneh previously said that the future of the Iranian petrochemical industry is promising after the implementation of the Joint Comprehensive Plan of Action (JCPOA).
JCPOA, also known commonly as the Iran deal or Iran nuclear deal, is an international agreement on the nuclear program of Iran reached in Vienna on 14 July 2015 between Iran, the P5+1 (the five permanent members of the United Nations Security Council—China, France, Russia, United Kingdom, the U.S.—plus Germany), and the European Union.
Iran has huge reserves of oil and gas and its proved reserves for 2017 are 137.6 billion barrels of oil and 27.6 trillion cubic meters of natural gas.
The country ranks first and fourth in the world for gas and oil reserves, respectively.
After the lifting of sanctions, Iran increased oil exports three-fold, compared with the sanctions period, by signing several short-term contracts with European oil companies. The extraction of gas after the lifting of sanctions exceeded 178 billion cubic meters meters and in the largest oil and gas field, South Pars has grown to 132 billion cubic meters.
By 2019, the production capacity in South Pars will grow from the current 260 billion cubic meters per year to about 390 billion cubic meters meters.
Prior to the introduction of international sanctions against Iran, the Islamic Republic produced oil in the amount of over 4 million barrels per day.
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