Iranian Minister of Petroleum Bijan Zangeneh on Saturday approved details the pricing formula for petrochemical feedstock.
First Vice-President Eshaq Jahangiri assigned the Petroleum Ministry to give proposal for formula to set natural gas sales price as feedstock for petrochemical complexes.
Iranian petrochemical plants use about 13 billion cubic meters of gas per year while some 2.8 million tons/year of ethane is consumed in this sector.
The country produced 30.7 million tons of petrochemicals during 8 months of current Iranian year (started March 21), about 3 percent more than the same period last year.
Petrochemicals share 34.9 percent in the country's total non-oil exports during 8 months of the fiscal year, standing at 18.787 million tons in volume (+55%), and $10.33 billion in value (+9%), according to the latest data of the Trade Promotion Organization of Iran.