Iran to invest US$50 billion in petrochemical sector
Some US$50 billion will be invested in Iran's petrochemical sector in the next 10 years, said Managing Director of the Commercial Department of Nation Petrochemical Company (NPC) of Iran, Mohammad Ehtiati said on Wednesday.
Speaking at the inaugural ceremonies of a petrochemical project, Ehtiati confirmed that despite the delay, investment in the petrochemical sector reached US$12 billion over the past five years.
According to Ehtiati, it is expected that export of petrochemical products will reach US$30 billion in the next 20 years.
He said currently, Iran's petrochemical production stand below one percent and the exports at about one percent.
Petrochemical exports in 2003 were valued at US$2 billion and this figure rose to US$2 billion in 2004 and will amount to US$5 billion this year, he added.