Addressing a gathering of petrochemical executives and officials on Thursday, he said there is a competition in the Middle East region for attraction of foreign investment, NIPNA reported.

He said based on Iran’s 2015 development outlook, it will generate $55 billion of revenues by launching new petrochemical plants by 2025 which will make the country the region’s top petrochemical producer.

Iran eyes a petrochemical production capacity of 120 million tons per year by 2025. The country is currently supplying around 60 mt/y.

Saudi Arabia with 76 million tons of petrochemical production capacity is Iran’s biggest rival in the sector in the Middle East, he said.

Stability of regulations, supporting incentives, division of a firm outlook for the sector and luring projects are some factors required for ensuring investment in the sector, the PGPIC official added.