Tuesday, January 04, 2005

Commerce Minister: Investment in Iran's petrochem sector to exceed $3 billion

Commerce Minister: Investment in Iran's petrochem sector to exceed $3 billion: "12/30/04
Commerce Minister: Investment in Iran's petrochem sector to exceed $3 billion
Tehran, Dec 29, IRNA -- Investment in the petrochem industry has exceeded three billion dollars in the 2004-05 fiscal and the products are expected to earn the country dlrs five billion in the 2005-06 fiscal, said Commerce Minister Mohammad Shariatmadari in Tehran on Wednesday.
Addressing a group of officials on the 40th anniversary of the establishment of National Petrochemical Company (NPC) of Iran, Shariatmadari said Iran targets a production of 76 million tons of petrochemicals, worth dlrs 26 billion, a year by the next 11 years.

Shariatmadari said Iran has managed to raise its capacity for production of petrochemical products to 19 million tons annually under dlrs 33 billion investment based on a 19-year plan, starting from 1996.

He said government had adopted the 19-year plan to rid the country of a single-product economy and diversity sources of income.

The minister said Iran, especially its petrochem sector, aims at consumer oriented system as is customary on the world markets.

He called for private sector's involvement in the downstream petrochemical industries to boost export of final products and other petrochemicals.

He also called for plans to raise volume of petrochemical final products and increasing the domestic and foreign investment."

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