Enhanced Non-Oil Exports Hinged on Petchem Development

(Saturday, March 2, 2019) 18:30

TEHRAN (NIPNA) -- A member of the Iranian Petroleum Industries Equipment Manufacturers Association said supporting the petrochemical industry could ensure growth and enhancement of non-oil exports in the country.

Speaking to NIPNA, Majid Mohammadpour said efforts were needed to wean the economy off petrodollars and move towards bolstering non-oil exports which would be possible by supporting the petrochemical industry.

“It seems that replacing oil revenues with other sources of hard currency must be considered as a principle in the country and empowering the petrochemical sector as a source of hard currency could be a great method to do so,” he said.

The official said the experience of sanctions in recent years showed that Iran needed to distance itself from merely exporting crude oil and instead develop petrochemicals facilities in order to produce value-added items.

He further said that the private sector needed to be supported to step in and become more instrumental in the economy.

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National Petrochemical Company