“For investment in the petrochemical sector, 70 billion dollars is needed. A small portion of this amount will be provided by China, National Development Fund of Iran and hard currency reserves,” Abbas Sheri-Moqaddam said.
Sheri-Moqaddam, who is also managing-director of National Petrochemical Company, said the 70 billion dollars is planned to be attracted over the coming seven to ten years.
He said that Petroleum Ministry has also 36 new petrochemical projects, adding that investment in the petrochemical sector increases when the feedstock prices are logical.
Sheri-Moqaddam said Iran’s massive oil and gas reserves can feed petrochemical industries for years.
Iran produced 40 million tons of petrochemicals in the last calendar year (ended March 20), with $9 billion worth of its products being exported.
The country, which is a major oil exporter, plans to increase its petrochemical exports to $12 billion this year.
The Islamic Republic is determined to become the biggest petrochemical producer in the Middle East.
The country has significantly expanded the range and volume of its petrochemical production over the past few years, and the NPC has become the second largest producer and exporter of petrochemicals in the Middle East after Saudi Arabia.
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