Tehran, Iran, June 7
By Milad Fashtami - Trend:
Iran's annual petrochemical products' output capacity currently stands at 60 million tonnes.
Iran's Deputy Oil Minister, Abbas She'ri-Moghadam said on June 7 that due to lack of feed only 68 percent of the mentioned capacity is being used, according to Iran's IRIB News Agency.
The deputy oil minister went on to note that by using its full capacity, the production of Iran's petrochemical sector will be increased by 20 million tonnes.
"National Petrochemical Company is trying to finish 60 incomplete projects," he said.
"Four of the mentioned 60 projects will come on stream by late current Iranian calendar year (March 20, 2015)," he explained, adding that once two of these units come on stream, the country's production will be increased by two million tonnes.
Iran's oil and petrochemical exports have increased following some sanctions relief on the Islamic Republic, including the EU and U.S. bans on the country's petrochemical exports, Tehran Times said.
The ban ease is part of an agreement inked in Geneva last November between Iran and five permanent members of the UN Security Council - the U.S., France, Britain, Russia, and China - plus Germany, under which the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.
The Geneva deal took effect on January 20.