Iran’s deputy petroleum minister says the country needs to attract some $55 billion worth of investment to develop its thriving petrochemical sector.
“We hope to reach the 150-million-ton production capacity within 10 years. We need nearly $55 billion worth of investment in the petrochemical industry to implement new projects and expand output capacity,” Marziyeh Shahedaei said on Friday.
“To complete unfinished petrochemical projects, we need $20 billion worth of investment,” the head of National Petrochemical Company noted.
She made the comments on the sidelines of a visit to the 13th edition of International Energy Exhibition in the Persian Gulf island of Kish in southern Iran on Friday.
Shahedaei said attracting foreign investment to expand the petrochemical sector tops the agenda of Iran’s Petroleum Ministry.
Iran sits on the world's fourth-largest oil and second-largest gas reserves.
Tehran has already unveiled plans to become the leading producer of petrochemicals in the Middle East by significantly expanding the range and volume of its petrochemical output.
Iran exported some 4.3 billion dollars worth of petrochemicals during the first six months of the current Iranian calendar year, which started on March 20.
The country sold more than 10 million tonnes of a variety of petrochemicals at Asian markets mainly in the aforementioned period.
The installed capacity of Iran’s petrochemical industry has reached some 63 million tonnes and is projected to soar to 130 million tonnes by 2020.
Iran has increased petrochemical exports following the implementation of last year’s nuclear deal with the five permanent members of the United Nations Security Council – the United States, Britain, France, China and Russia – plus Germany.
The implementation of the agreement, known as the Joint Comprehensive Plan of Action (JCPOA), has already eased financial sanctions imposed on Iran over its nuclear energy program.