Speaking to NIPNA, Asadollah
Gharehkhani, spokesman of the parliament's energy committee, said downstream and
petrochemical industries must develop in order to ensure the country's economic
prosperity.
He said development of downstream
industries is the best way to secure economic growth in the country.
"We need to boost our petrochemical
exports in order to reduce sale of crude oil and gas," the MP stressed.
Iran is one of the world's richest
countries for enjoying massive oil and gas reserves.
Iran is trading each tonne of
crude oil at around $500. That could be multiplied by 16 if crude oil is
converted into other products, particularly petrochemicals.
More fascinating figures will
be achieved if the value chain in hydrocarbon materials is extended further.
For instance, Iran is earning
$300 million from each million tonnes of raw materials, but it could raise the
figure to $670 million in downstream industry. It means the rate of return on
investment is 12% to 15% in upstream sector and 30% to 35% in downstream sector.
Iran is expanding its
petrochemical sector at a rapid pace. The country's petrochemical output, which
was below three million tonnes in the early years following the 1979 Islamic
Revolution, has exceeded 60 million tonnes a year.