MNA � Iran�s export of petrochemical products exceeded $11 billion last year, according to Minister of Petroleum Bijan Zanganeh speaking at a Parliament session on Sunday.

Oil Minister Zanganeh appeared at the Parliament on Sunday to answer a number of questions posed by the MPs.

He said over 90% of petrochemical revenues returns to the domestic Forex Management Integrated System (locally known as NIMA) which allows importers to supply their required foreign currency without specific problems.

�Last year, our petchem exports were valued at over $11 billion, $9 billion of which returned to NIMA, and the rest was consumed by the petchem industry,� he said.

He then praised the performance of private petrochemical companies, and said �all revenues obtained from the government�s exports of oil products returns to the treasury, and are completely in the possession of the Central Bank.�

�Petchem production will reach 100 million tons by the end of 2020. We are standing on a firm ground for taking a leap [in increasing production],� he added.

The construction of phase 11 of South Pars gas field will commence this year, he said.

He was then asked to elaborate on the status of Iran�s joint gas fields.

�We have two main fields: one is shared with Iraq, and our share is over 300,000 barrels. At the moment and before, our production has been 50,000 barrels; still, we have made more progress in this regard than Iraq,� he said.

�The other is the South Pars, shared with Qatar. Our production at the moment has doubled, and we are ahead of Qatar in daily production,� he added.

Zanganeh then maintained that the oil ministry has no issues with exporting oil productions.