TEHRAN, Jan. 13 (Xinhua) -- The prospect of growth in the petrochemical sector in Iran is promising, Press TV cited an Iranian official as saying on Sunday.
Iranian deputy Oil Minister, Abdolhossein Bayat said Iranian experts have mastered the technological know-how and obtained the licensing required to manufacture 38 petrochemical products.
"If government funding is allocated, Iran will soon become an exporter of technical knowledge for petrochemical (production)," said Bayat, who is also a managing-director of Iran's National Petrochemical Company.
He reiterated that this can reduce foreign dependence and be considered a way to counter the sanctions imposed on Iran by the Western countries.
According to Press TV, Bayat announced in January that Iran's National Development Fund had allocated 3.6 billion U.S. dollars for developing the country's petrochemical industry.
Research activities in the petrochemical sector are currently focused on technical knowledge and technology related to processing, catalysts and chemical products, he was quoted as saying on Sunday.
Reportedly, the Islamic republic exported a total of 18.2 million tons of petrochemical and polymer products, worth of 14.2 billion dollars, to more than 60 countries in the previous Iranian calendar year (ended March 19, 2012).
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