Exports of petrochemical products in the past year hit $3.03 billion that is indicative of a 31 percent increase when compared to that of its preceding year.

“We intend to increase Iran’s share of the world’s petrochemical market this year,” said the official, adding that products of the IPCC are exported to all over the world.

“Within our long-term contracts, a large portion of our products has already been purchased,” he said in a Mehr report.

In related news, Iran’s petrochemical production is expected to touch 98 million tons per annum by the end of Iranian calendar year 1394 (March 20, 2015).

The country plans to sell 75 tons of the predicted output.

According to the estimate, Iran needs to invest 27 billion dollars to achieve the goal and the products will earn the country 25 billion dollars per year.

Iran is expected to be the first country in the region by March 2015 that will produce ethylene, methanol, and BTX.

During the period, domestic petrochemical complexes are predicted to produce at least 12 million tons of ethylene, 10 million tons of polymer, 10 million tons of urea, 14 million tons of methanol, and 4 million tons of BTX.