Azerbaijan , Baku, Feb. 18 / Trend, A.Yusifzade /
With the implementation of 12 petrochemical projects Iran's installed petrochemical production capacity reached over 51 million tons over the first eleven months of the current Iranian calendar year (started March 21, 2010).
Earlier Iranian minister of petroleum Seyed Masoud Mirkazemi said Iran's petrochemical production capacity will reach over 95 million tons per year by the end of the fifth development plan (2011-2016) .
Iranian petrochemical sector produced 31.113 million tons of petrochemical products over the first ten months of the current Iranian calendar year (started March 21, 2010).
Earlier Mirkazemi said that Iranian petrochemical sector has defined some projects worth $49 billion, while some of them have progressed by 98 percent.
"This amount of investment indicates that petrochemical sector will achieve its targets in the Middle East before reaching the Outlook Horizon in 2026," Mirkazemi said.
According to Mirkazemi, during the Fifth Five Year Development Plan (2011-2016), more than $200 billion would be invested in Iran's oil industry. "Even before sanctioning the Fifth Five Year Development Plan, 40 to 50 percent of the oil industry projects have concluded their contract with local banks and companies.
The country plans to produce 44 million tons of petrochemicals by the end of the 2011.