Azerbaijan, Baku, Jul.2/ Trend F.Milad/
The Iranian deputy oil minister has said that sanctions will not hinder Iran's petrochemical industry progression and there are many demands for its petrochemical products in international markets.
The Shana News Agency quoted Abdolhossein Bayat as saying that there is no problem selling petrochemical products both in domestic and foreign markets.
On June 6 Bayat said that Iran plans to increase petrochemical output by five million tons to 49 million tons in the current calendar year which ends on March 20.
He added that nine petrochemical projects will be implemented in the current year which will boost the country's output by five million tons," the Mehr News Agency quoted him as saying.
The country's installed petrochemical production capacity is currently about 55 million tons, he noted.
Bayat already said that the country's petrochemical exports have not declined despite EU sanctions.
Iran has explored new destinations to export its petrochemical products, he said, adding that currently exporting petrochemical products to Europe is regularly underway.
Iran exported some $14 billion worth of petrochemical products to 60 countries last calendar year, Bayat said in April.
He added that $10.5 billion of oil income will be allocated to the development of the national petrochemical industry.
Iran has developed 69 plans to boost its petrochemical output from the past year's 54 million tons to 100 million tons in 2015.
