Azernews.Az

By Arslan Abbasov

Iran's petrochemical plants may be forced to close down, because there is not enough of export, Deputy Oil Minister Abdolhossein Bayat said, ISNA news agency reported.

"We've requested from the government to export petrochemical products in the amount of 520,000 tons, however we were only granted permission for 300,000 tons, and that is not enough to cover the costs," Bayat explained.

"We will try to export the remaining petrochemicals until the end of the year," Bayat added.

Iran exported $8.495 billion worth of petrochemicals in the first 11 months of the current Iranian calendar year, which began on March 20, 2012.

The country's petrochemical output capacity currently stands at 57 million tons.

In February, Bayat told IRNA news agency that Iran's total petrochemical production capacity will reach 60 million tons by the end of the current calendar year (March 20).

Oil Minister Rostam Qasemi, in turn, had said that Iran plans to build 70 new petrochemical production units.

"Once all the units come on stream the nation's petrochemical production capacity would reach 100 million tons. Petrochemical sector is one of the most profitable industries of Iran and we can guarantee a 30-percent interest to the investors," Qasemi said.

Exports

Iran exported over 14.5 million tons of petrochemicals in the first 11 months of the current Iranian calendar year, Abdolhossein Bayat said.

Bayat went on to note that 37.5 million tons of petrochemicals were produced in 51 petrochemical complexes in the mentioned period, IRNA reported.

Iran currently exports petrochemicals to 60 countries, he said.

China accounted for 22.7 percent of Iran's total petrochemical exports, Bayat added.