Hossein Aqaei-Tabrizi told PIN the projects would aim to provide subsidiary, power, and steam systems needed by the second phase units.

He added the west ethylene pipeline had made 47 percent progress and would become operational according to the timetable if funded as expected.

Elaborating on the company’s duties, the managing director said, “The Petrochemical Development Management Co. holds tenders, signs contracts on engineering affairs, builds petrochemical plants and renders logistical service, hires and trains skilled experts, and supplies the project’s raw material stored in multipurpose warehouses.

The managing director of National Petrochemical Company (NPC) said Iran would make a 12.3 billion dollar investment in the sector in the Fifth Five-Year Socioeconomic Development Plan (2010-2015).

Gholam-Hossein Nejabat said his company would invest the huge sum in 27 petrochemical projects during the Fifth Plan, out of which 9.2 billion dollars would be funded by hard currencies.

“The investment helps the sector increase the petrochemical out by 33.7 million tons during the plan,” predicted the official.

Nejabat said 24 petrochemical projects with a 14.8 billion dollar fund had been included in the Fourth Five-Year Development Plan (2005-2010), with some becoming operational.

The NPC head said 13 petrochemical projects would come on stream in the current year, adding three of them were ready for inauguration.

“At present, Iran accounts for 12 percent of the Middle East’s petrochemical output, valued at 25 billion dollars, and the share will touch 34 percent by the end of 20-year Outlook Plan, 2015,” said Nejabat.

“The country’s world share is 0.9 percent, which is predicted to reach 6.3 percent by 2015.

“According to the Fifth Plan, Iran’s annual 55 million ton production will soar to 158 million tons per annum.”

Petrochemical products accounted for the highest share of non-oil goods Iran exported in the past Iranian calendar year (March 21, 2006 to March 20, 2007).

Totally 42.2 percent of the weight and 38.6 percent of the value of exported non-oil products belonged to petrochemicals.

The country exported 14,236,800 tons of petrochemical products, valued at 6.11 billion dollars, during the yearlong period, showing 115.5 and 140.8 percent increases in terms of weight and worth respectively when compared to those in their preceding year.