Iran Plans to Reduce Reliance on Crude Oil Exports

From NZ Week

Iranian President Mahmoud Ahmadinejad said Iran should establish more processing industries in the oil and gas sectors to reduce dependence on exports of crude oil, semi-official Fars news agency reported on Thursday.

Ahmadinejad said Wednesday that the budget plan for the next Iranian year (starting on March 21) envisaged less dependence on crude oil revenues, according to the report.

The government has planned to replace crude oil exports with oil derivatives to save the value-added available in processing of the crude oil and to enable national economy to enjoy the lucrative downstream industry in the oil sector, he was quoted as saying.

On Tuesday, Ahmadinejad inaugurated a petrochemical plant with the annual production capacity of 300,000 tons of heavy polyethylene in the western province of Kermanshah.

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