Iran Eyes $17b Petchem Exports

(Tuesday, February 5, 2019) 18:44

TEHRAN (NIPNA) -- Iranian Minister of Petroleum Bijan Zangeneh said the country’s petrochemicals exports would reach 17 billion dollars this calendar year which began on March 21 2018.

Addressing a press conference on the eve of the 40th anniversary of the victory of the Islamic Revolution, the official said the net revenues of exporting petrochemicals would cross 17 billion dollars this calendar year with 30 million tons of exports.

Bijan Zangeneh said the country’s recoverable oil stood at 160 billion barrels.

Although Iran’s crude oil production has dropped from 5 mb/d [in 1979] to about 4 mb/d today, the significant point is that the country’s recoverable liquid hydrocarbon reserves has increased from 88 billion to 160 billion barrels now,” he said on Tuesday.

The official said that more than 50 billion barrels of oil had been recovered in the past four years.

Zangeneh also said Iran’s recoverable gas deposits had grown to 33 tcf from 9 tcf over the past four decades

He also said that Iran’s gas condensate production had reached 750,000 b/d from nothing in 1979.

Zangeneh said Iran had outdone Qatar in recovery from the giant offshore South Pars gas field and surpassed Iraq in production from jointly owned oil reservoirs.

He said an oil terminal would become operational in Jask for export outside the Persian Gulf region by March 2021.

The minister also boasted that Iran’s gasoline production had risen from 52 ml/d five years ago to 105 ml/d now.


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National Petrochemical Company