Bijan Zanganeh, Iran oil minister stated that the slogan of ceasing sales of crude oil is executable, as the petrochemical products capacity was only 56 million tons in 1392 and it shall increase to 100 million tons till year 1400.

According to Zanganeh’s interview with IRINN petrochemical products value shall increase to USD 36 billion in year 1400 which we may call it the second surge of the industry.

In the third surge, the production capacity of petrochemicals shall reach 150 million tons. Now the annual purchase of petrochemical plants feed by the downstream industries is USD 6 billion annually.

Zanganeh added: ”I shall not reveal the numbers due to abuse but the oil market is currently facing excessive supply due to increase of Shell oil production by US (which was not predictable till two years ago) and in OPEC recent meeting, all of our demands were considered and we achieved our targets.

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