Iran launched three new petrochemical projects worth $1.6 billion: the Kaveh Petrochemical Plant in Bushehr Province, which can produce approximately 2.56 million tons of methanol a year; the Kimia Pars Middle East Petrochemical Plant in Bushehr, which can produce 1.65 million tons of methanol a year; and the Lorestan Petrochemical Catalyst Production Unit in Lorestan Province, which can produce 100 tons of catalysts for polyethylene a year. Iran intends to inaugurate 13 more projects by March 21, 2021, and invest $17 billion in a total of 27 projects by March 21, 2022. Iranian officials see the expansion petrochemical exports as a way to reduce their country's reliance on crude oil exports, which have declined due to U.S. sanctions.