African countries showing strong interest in Iranian petrochemical exports – Official
Iran’s annual petrochemical output has now surpassed 100 million tonnes, with projections indicating an expected rise to 131 million tonnes by 2029, according to an official.
The official who announced this at the third Iran-Africa cooperation conference, said the rise is expected to be supported by 67 new projects currently ongoing.
The official added that around 70 per cent of Iran’s petrochemical products are exported, a situation that has a significant potential to expand trade relations with African nations.
According to him, key areas of collaboration could include supplying petrochemical feedstocks as well as exporting urea and methanol, which are in high demand in Africa.
With 73 active petrochemical complexes and three dedicated power plants, Iran’s current nominal production capacity stands at 97 million tonnes.
An investment of 26 billion dollars in upcoming projects is expected to boost output to the projected 131 million tonnes annually within the next five years, as reported by Pars Today, a partner of TV BRICS.
In the past year, Iran’s petrochemical exports generated substantial revenue, including 2.8 billion dollars from polymers, 2.2 billion dollars from methanol, and 1.7 billion dollars from urea.
The official also expressed readiness to strengthen business and trade partnerships with African countries, emphasising mutual economic benefits. (TV BRICS/NAN)
Edited by Emmanuel Yashim
Published By
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Editor/Assistant Chief Correspondent,
FCT Correspondent,
NAN Abuja.
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