TEHRAN - Iranian senior petrochemical officials say Iran’s nuclear deal will reignite the country’s petrochemical sector growth, the Shana News Agency reported on Wednesday.

Iran and six major world powers finally agreed on a final and comprehensive nuclear pact on July 14 in the Austrian capital of Vienna. Based on the agreement, Iran will limit its nuclear activities, while the UN, US and EU will lift sanctions, which were imposed against the country over the past nine years.

Mohammad Hassan Peyvandi, the deputy director of Iranian National Petrochemical Company (NPC), said the Iran-EU conference on trade and investment, which is secluded to be held from July 23 to 24 in Vienna, will be the first economic cooperation between Iran and the European Union after removal of the sanctions.

Marzieh Shahdaie, the director for projects at NPC, said many petrochemical projects are halted in Iran due to lack of foreign finance or certificates as the result of financial sanctions imposed on the country.

She said Iran’s nuclear deal will create a revolutionary jump in the country’s petrochemical industry.

The deal will provide more security for foreign investment in Iran, the official stated; adding that foreign investors can make joint venture with the Iranian private companies for secure and stable investment making in the country.

Ali Mohammad Basaqzadeh, the director for production control of NPC, said sanctions removal as the result of nuclear accord between Iran and the p5+1 group of countries will bring European costumers to the global markets of Iranian petrochemical products which will raise the price of these products.

Iran exported 6.263 million tons of petrochemical products, worth $3.623 billion, in spring, which corresponds to the first quarter of the Iranian calendar year, accounting for 33.34 percent of the country’s total non-oil exports in terms of value.  

Iran plans to increase its annual petrochemical production by 900,000 tons by the end of the current Iranian calendar year (March 19, 2016). 

The country’s annual petrochemical output will be doubled to 120 million tons when semi-finished petrochemical projects come on stream.  

MA/