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Iran’s Vision Is to Be Mideast Leader, But Sanctions Hinder Development

3:47 PM MST | November 28, 2011 | —Natasha Alperowicz

Bayat: Adding value to huge oil and gas resources. Iran’s target is to become the Mideast’s leading petrochemical industry by 2025, overtaking current leader Saudi Arabia. Abdolhossein Bayat, Iran’s deputy minister of petroleum and president of National Petrochemical Co. (NPC; Tehran), outlined the country’s ambitions earlier this year and said that the plans aim to add more value to Iran’s huge oil and gas reserves. Iran has 33 trillion cu meters of gas reserves, the second largest after Russia. They account for 16% of the global...

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