News Agency - Detail

Oil Minister Eyes $67 b Investment in Petchem Sector in Rouhani's 2nd Term

(Sunday, August 13, 2017) 17:44

TEHRAN (NIPNA) -- Iranian Minister of Petroleum Bijan Zangeneh, whose been reappointed by President Rouhani in his second term, has envisaged 67 billion dollars of investment in petrochemical projects over the course of the coming 4 years.

Iran's petrochemical output rose by 10 million tons per year under President Rouhani in his first term in office, reaching 50.5mt/y.

Moreover, the country's exports rose by 33% since 2013 reaching 17 mt/y from 12.8 mt/y in 2013.

An investment of over 3 billion dollars was made in developing 11 petrochemical projects during Mr. Rouhani's first term which has brought the country an income of over $3.64b in petrochemical revenue.

Mr. Zangeneh expects to launch 45 projects with 35 billion dollars of investment during Rouhani's second term to bring the country's annual petrochemical revenue to $23b by 2021, end of Mr. Rouhani's second term.

Moreover, 23 new projects will be introduced in the sector which will required $32b of investment for completion, Mr. Zangeneh expects.

Once fully operational, the projects will yield $26b of annual revenues considering the 2011 prices of petrochemical products.

President Hassan Rouhani on Tuesday proposed his nominees for ministerial posts to parliament for a vote of confidence.

Vice President for Parliamentary Affairs Hosseinali Amiri submitted the list of the proposed ministers to the Majlis Presiding Board, Tasnim News Agency reported.

The list includes candidates for 17 out of 18 ministerial positions. The nominee for the Ministry of Science, Research and Technology is yet to be introduced.

Now the parliament has one week to examine the qualifications of the aspirants and schedule confirmation votes.

Rouhani was sworn in for his second term in a high-profile ceremony at the parliament on Saturday.