The NDF has allocated 3.6 billion dollars to the development of the country’s petrochemical industry according to an Iranian energy official.
Iran is the second biggest petrochemical producer in the Middle East after Saudi Arabia and currently has about 55 million tons of installed petrochemical production capacity.
The volume of petrochemical production in Iran has expanded significantly over the past few years, and the National Iranian Petrochemical Company (NIPC) has become the second largest producer and exporter of petrochemicals in the Middle East.
NDF has granted 3.6 billion dollars for the construction of 11 petrochemical projects. Out of the 70 petrochemical projects in Iran’s Fifth Five-Year Economic Development Plan (2010-2015), till now 17 petrochemical projects plan of worth 6 billion dollars in foreign investment, have been put across to the NDF, out of which it has provided only the amount required for 11 petrochemical plans so far, according to Abdolhossein Bayat, the managing Director of NIPC.
Until March 19, 2012 i.e. in the previous Iranian calendar year, the Islamic Republic exported a total of 18.2 million tons of petrochemical and polymer products, worth about 14.2 billion dollars, to more than 60 countries and in the past five years, even foreign firms have invested around $1.3 billion in Iran’s petrochemical industry.