Speaking to Shana, Mohammad Mahdi Mofatteh, spokesperson of the parliament's energy committee, said fresh and timely investments are required for maximizing the effectiveness of the sector in the country's economy.

He said the petrochemical industry is a lucrative one for investors and can generate jobs.

"The more the sector is developed, the more it can be helpful in increased GDP and economy growth in the country."

Mofatteh further added that the economy must be weaned off crude oil and gas sale and the petrochemical industry is one of the pathways to realizing an oil-free economy.