(MENAFN) Iran is seeking to expand its petrochemical facilities by investing USD25 billion into the southeastern port of Chabahar, reported IRNA.
The director of the National Petrochemical Company (NPC), Abdolhossein Bayat stated to the Shana News agency that: "Nine petrochemical projects will be implemented in the current Iranian year which will boost the country's output by 8 million tons".
EU sanctions aside, Iran's exports of petrochemicals has not declined. In fact, Iran has sought out new countries to export its products to. As of the last Iranian calendar year which ended on March 19, Iran exported USD14 billion of petrochemical products to some 60 nations. Iran is also continuing to export petrochemicals to Europe at a pre-sanction rate.
There are many plans in place to boost petrochemical output from 54 million tons to 100 million by 2015, and according to Bayat USD10.5 billion of oil revenue will be directed to developing the Iranian Petrochemical industry.