Iran intends to invest USD 11 billion in 26 new petrochemical projects in the fourth of its five-year plan, Iran’s Minister of Petroleum, Bijan Zanganeh has said. The economic plan, spanning 2004–9, would see petrochemical output from 56 million metric tons per year to rise to a projected 70 million metric tons per year by the end of the period. As a result, Zanganeh predicted petrochemical revenues to rise to USD 22 billion per year by the end of 2004. Zanganeh stressed that Iran’s investments would serve not only to increase output, but also to improve product quality. In order to do so, Zanganeh added that Iran would benefit from further contribution, and partnerships with foreign investment. He added that product growth rates has risen to 4.8% for paraxylene, 4.2% for monoethylene glycol, and 5% for ethylene, and that depleting margins as seen by petrochemical producers in other regions on the back of increasing raw material costs were not as big an issue for Iran due to an abundance of feedstock.
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