Kermanshah Polymer Petrochemical Plant was inaugurated in a ceremony attended by President Mahmoud Ahmadinejad and Oil Minister Rostam Qasemi on Tuesday.
Bayat added that the new plant has raised the country’s polymer output to 6.3 mt, noting that Iran's overall petrochemical production capacity stands at 57 mt a year.
He said a total of USD4.24 billion has been invested in Kermanshah Polymer Petrochemical Plant, 73 percent of which has been provided by the private sector and the rest funded by the government.
The plant has created jobs for about 1,500 people and is expected to sell USD429 million worth of petrochemical products per year.
Iran has significantly expanded the range and volume of its petrochemical products over the past few years and the NPC has become the second largest producer and exporter of petrochemicals in the Middle East after Saudi Arabia.
The Islamic Republic exported a total of 18.2 million tons of petrochemicals and polymer worth about USD14.2 billion, to more than 60 countries in the last Iranian calendar year (ended March 19, 2012).
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