Iran to Export $13b Worth of Petrochemical Products

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Written By Farid Shojaei

Iranian Deputy Oil Minister, Abdolhossein Bayat, says Islamic Republic is going to export $13 billion worth of petrochemical products by the end of current Persian year. During the recent years, Iran stopped exporting such products to other countries in order to feed domestic markets, but Iranian government has recently changed its economic policies to cope with Western-engineered embargoes.

“This is the new model of exporting petrochemical products. According to the guidelines of Supreme Leader Ayatollah Ali Khamenei, we have come up with a new idea to increase our oil revenues. We have found emerging markets for petrochemical products of Iran, and we aim to sell our products in all over the world.” Abdolhossein Bayat told a press-conference on Monday.

“Currently there are more than 40,000 active plants and factories in Iran, which are producing and developing petrochemical products. The Ministry of Petroleum has agreed to provide the necessary raw materials to these plants on certain conditions. We have also urged Iranian banks and financial institutions to give low-interest loans to the mentioned plants in order to maximize their operations.” Abdolhossein Bayat added.

According to Deputy Oil Minister, Iran will export up to 2 million tons of petrochemical products to international markets.

The income of Iranian government from exporting oil barrels to other countries have been decreased significantly due to U.S.-led sanctions on Iran’s economy. However, certain petrochemical products are exempted from these sanctions and Iran is going to target those points.