Iran’s petrochemical projects get $3.6bn in development aid

A senior Iranian energy official says Iran’s National Development Fund (NDF) has allocated 3.6 billion dollars to the development of the country’s petrochemical industry.

Managing Director of the National Iranian Petrochemical Company (NIPC) Abdolhossein Bayat said on Monday that 3.6 billion dollars will be spent to construct 11 petrochemical projects.
Bayat stated that out of the 70 petrochemical projects in Iran’s Fifth Five-Year Economic Development Plan (2010-2015), “So far, 17 petrochemical projects, worth 6 billion dollars in foreign investment, have been introduced to the NDF.”
He said the NDF has provided the currency credit needed for 11 petrochemical plans so far.
  Iran has expanded the range and volume of its petrochemical production significantly over the past few years, and the NIPC has become the second largest producer and exporter of petrochemicals in the Middle East.
The Islamic Republic exported a total of 18.2 million tons of petrochemical and polymer products, worth about 14.2 billion dollars, to more than 60 countries in the previous Iranian calendar year (ended March 19, 2012).
Source: Press TV

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