Iran has revealed plans to establish a petrochemical hub near the Sea of Oman in an attempt to facilitate exports to India and China
Iran's National Petrochemical Company managing director Abdol Hossein Bayat said that the new petrochemical hub, which will be set up in the southeastern port city of Chabahar, would need a total investment of US$20bn.
Bayat said, “Reducing the cost of petrochemical exports to India and China will be the most important achievement of this new petrochemical hub.
“Industrial and economic development in the east and southeast of Iran is the main reason behind the establishment of the country’s third petrochemical hub.”
Two other petrochemical hubs were set up by the country in Assaluyeh, which houses the massive installations of the offshore South Pars Gas Field, and in Mahshahr, an oil-rich city in southwestern Iran.
Iran has reaped US$12bn from exporting petrochemicals in the last Iranian calendar year which ended on 20 March 2013. Nearly 60 countries, many from Southeast Asia, imported Iran’s petrochemical products in the previous Iranian calendar year.
