Iran eyes 100mn-ton petchem output till March 2021: Zanganeh

TEHRAN, May 27 (MNA) – Iranian Oil Minister Bijan Namdar Zanganeh said the country’s petrochemical production capacity is planned to cross 100 million tons per year by the end of the current fiscal (March 2021).

He said the continued development of West Karoon fields, operation of the second petrochemical industry leap projects, completion of South Pars offshore sector and implementation of phase 11 operations, implementation of crude oil transfer pipeline from Goreh to Jask and the completion of rural gas supply projects are among the main plans of the Oil Ministry this year.

Zanganeh also said that Iran’s petrochemical revenues are projected to reach $25 billion during this fiscal year.

Referring to the possibility of any changes in the oil prices in the current situation, Zanganeh said, "No one can predict oil prices in the current situation, because oil prices are subject to supply and demand. The fact is that the demand side is very vague, because it is not clear when the global economy will be activated. Economic growth in the world's largest economies is currently negative.”