Official: Iran’s Petrochemical Revenues to Reach 13 Billion Dollars by Yearend

Abbaszadeh said that total exports over the 11-month period reached around $12 billion, with $9.14 billion reinjected into the economy.

He added that by the end of the current Iranian calendar year, the petrochemical industry’s foreign currency earnings would increase by an additional $800 million to $1 billion, bringing the total annual exports to approximately $13 billion.

Abbaszadeh also explained that since 2018, the monitoring of export revenues has been conducted under a coordinated program.

In relevant remarks in October, Abbaszadeh said that the country’s petrochemical industry will grow 8 percent annually over the country's 7th national development plan.

Abbaszadeh said that the petrochemical sector owes its growth to the natural blessings like abundant oil and gas resources, adding that the development of the petrochemical sector, in turn, has created fertile ground for the growth and advancement of other industries, contractors, and consultants.

"Current installed production capacity of the petrochemical industry stands at 100 million tons annually and is expected to rise to 130 million tons by achieving the 7th national development plan targets," he added.

"The petrochemical industry participants are requested to seriously pursue investment in the sector so that we will be able to materialize the directives of the Supreme Leader on achieving 8 percent economic growth," Abbaszadeh said.

"We are certain that this goal will be achieved given the previously made plans and the petrochemical industry will also be able to achieve the target of 8 percent growth annually throughout the years of implementing the 7th national development plan,” he added.

4155/v