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Petchem Development Guarantor of Non-Oil Exports

Petchem Development Guarantor of Non-Oil Exports
(Thursday, November 19, 2020) 20:27

TEHRAN (NIPNA) -- A member of the Industry and Mining Committee of the Tehran Chamber of Commerce said the country’s non-oil exports can be boosted only in light of developing petrochemical industries.

Speaking to NIPNA, Mehdi Fanaei underlined the role that the petrochemical industry can play in Iran’s economy in days it is harshly targeted by draconian US sanctions, adding that the industry is one of the key factors in realizing an economy not reliant on oil revenues.

"Today, the petrochemical industry has been able to help Iran's economy," he said. “An economy that, according to observers and experts, faces various problems, but by relying on domestic strength and savvy, is still on the path to development, and the role of the petrochemical industry in this process is commendable.”

He added: "Fortunately, petrochemical companies greatly contribute to providing part of the country's hard currency generation in the face of severe pressure and bans, which impact the country's trade turnover, and without a doubt, Iran's non-oil exports can grow significantly with the inauguration of new development plans.”

The official further said: "The petrochemical industry is the country's premium industry in terms of hard currency generation, exports and job creation and provides feedstock for thousands of downstream industries that are of special importance. If the value chain is completed and complementary industries are developed, raw material sales can be reduced."

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