Ahmad Mahdavi Abhari, who delivered a speech in a ceremony on the Iranian Petrochemical Industry Day on Saturday, added some 50 billion dollars of the earned revenues were deposited into the Integrated Forex Deals System, known by its Persian acronym NIMA.

Offering a great variety of petrochemicals, Iran is taking the best advantage of its rich hydrocarbon reserves, he underlined.

The petrochemical industry has also supplied 27 million tons of raw materials worth $26 billion to the downstream sector and 11 million tons of fertilizers to the agricultural sector since 2018, when former president Donald Trump pulled the U.S. out of the Iran nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), he continued.

Mahdavi Abhari described the petrochemical industry as the locomotive of Iran’s economy, emphasizing that the industry has a great capacity for development, production, and exports.

According to him, the petrochemical sector’s revenues in the previous Iranian calendar year (which ended on March 20, 2023) hit $16 billion and its output in the first eight months of the current year rose eight percent.