Iran has significantly expanded the range and volume of its petrochemical products over the last few years and is now among leading producers and exporters of petrochemical products in the Middle East despite the existing sanctions against the country ' s economy.

The US blacklisted on Friday eight companies in Iran ' s petrochemical industry. Most of the companies are private. The petrochemical companies owned or controlled by the Iranian government that are on the Treasury Department list include Bandar Imam Petrochemical Co, Bou Ali Sina Petrochemical Co and Mobin Petrochemical Co. The US move came as Iran ' s share of the Middle East ' s petrochemical production has currently reached 24 percent from 16 percent in 2005. Meantime, Iran plans to increase its share to 38 percent by the end of 2015. The National Petrochemical Industries Company contributed about 37.5 percent share in Iran ' s non - oil exports last Iranian year(ended on March 20) despite facing the harsh US - led western sanctions. The Iranian petrochemical complexes produced a total of 41 million tons of different petrochemical products of which 28 million tons was ready for sale. A total of 15.8 million tons was exported and 12.2 million tons used in Iran ' s downstream industries. Iran currently exports petrochemical products to more than 40 countries, including China, Japan, the United Arab Emirates(UAE), India, Turkey, Iraq, Taiwan, Thailand, Malaysia, Vietnam, Afghanistan, Pakistan, Armenia, Russia, Mozambique, Egypt, Syria, Turkmenistan, Tajikistan, Ukraine, Qatar, Tanzania, the Philippines, Ghana, Kenya, the Republic of Azerbaijan, Georgia, South Korea and Mexico.