BAKU, Azerbaijan, November 22. The Central Bank of Iran has approved spending $7 billion from petrochemical exports in the country's petrochemical sector, Iran's deputy oil minister Hassan Abbaszadeh told local media, Trend reports.
According to him, the value of Iran's petrochemical exports in the current Iranian year (from March 20, 2024, through March 20, 2025) is expected to reach $13 billion.
Abbaszadeh added that the Central Bank has issued a license for the development of the petrochemical industry at the rate of 50 percent of revenues from petrochemical exports.
Iran currently has 72 petrochemical enterprises. The potential of petrochemical production is 96 million tons per year.
To note, Iran aims to increase the country's production potential of petrochemical products up to 200 million tons within eight years. It is planned to spend $64 billion in this direction.
