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Iran Press TV

Iran to up value of petchem output to $36b by 2021: Minister

Iran Press TV

Thu Aug 29, 2019 01:09PM

Iran's Oil Minister Bijan Namdar Zanganeh says the value and volume of products derived from oil inside the country would significantly increase by 2021 despite sanctions imposed by the US on the industry.

Zanganeh told the state TV on Wednesday that Iran eyes to produce over 100 million tons of petrochemicals a day by 2021 to meet an annual income target of $36 billion.

He said hitting the target would mean that Iran had almost doubled its output of refined products in eight years.

Elaborating on the details, Zanganeh said a major progress had been recorded in the production of gasoline, a fuel which was once imported into Iran in high quantities.

He said Iran was now the top producer of gasoline among the countries member to the OPEC, the world's largest oil exporting alliance, adding that output had reached around 115 million tons a day with an 11-million-ton surplus which could be dedicated to exports.

The minister said a bulk of the gasoline produced inside Iran, around 75 million tons, was very low in sulfur and met strict European standards on environment protection.

Faced with American sanctions that have restricted its sale of crude, Iran has sought to earn more from a developing downstream industry in its oil sector.

Exports of refined products have surged since the US imposed its sanctions on Iran in November, allowing the government to partly offset the lost revenue from direct oil sale.

Zanganeh said Iran's next target in expansion of downstream sector of the oil industry would be to reach a target of 150 million tons of output in refined products in a few years time.

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