The Iranian Oil Ministry and the National Petrochemical Company (NPC) are prepared to support and cooperate with domestic and foreign investors, Sheri Moqaddam, who is the managing director of the NPC, stated.
He went on to say that investors can participate actively in the process of promoting Iranian petrochemical industry, which is undergoing new developments.
Earlier on june7, Sheri Moqaddam had said, “There are high hopes that this year we witness the completion of 4 projects out of 60 incomplete petrochemical projects.”
“In that case 2 million tons will be added to the existing production capacity (of the country’s annual output),” he added.
Iran has the capacity to produce 60 million tons of petrochemicals per year, however, only 68 percent of this capacity is tapped on average, due to a variety of reasons, including lack of raw material, Sheri Moqaddam said.
Iran has significantly expanded the range and volume of its petrochemical production over the past few years.
The Islamic Republic, which holds the world’s third-largest proven oil reserves and the largest natural gas reserves, is determined to become the biggest petrochemical producer in the Middle East.