Azerbaijan, Baku, August 1 /Trend/
Iran 's Oil Ministry rejected news of petrochemical industry shutdowns, insisting that the petrochemical product increased the country's rate of exportation, Mehr News Agency reported, quoting Deputy Oil Minister Abdolhossein Bayat as saying.
Earlier, several Iranian MPs urged that some of the Oil Ministry's upstream projects halted due to a lack of investments.
"The increase of petrochemical products in domestic sales indicates that the petrochemical industries have not shut down after subsidy cuts were implemented", Bayat emphasized.
Iran produced 10.2 million tons of petrochemical products before June 21. During the first three months of the current solar year (started on March 20, 2011) a total of 4.1 million tons of petrochemical products were exported, valued at $ 3.1 billion. This figure indicates a 29 percent growth compared to the same period during the previous solar year.
He noted that the volume of petrochemical products would surpass 46 million tons by the end of the current solar year.