TEHRAN- 14 projects for development of petrochemical sector are scheduled to get off the ground in the current Iranian calendar year, which began on March 20, said Marzieh Shahdaie, the managing director of Iran's National Petrochemical Company (NPC).

With implementing the mentioned projects, Shahdaie said, the capacity of petrochemical output would be increased by about 6 to 7 million tons, the Shana news agency reported on Saturday.

According to Shahdaie, completion of 55 unfinished petrochemical projects is also among the priorities of the NPC in the current Iranian year. 

Shahdaie said, “Negotiations are underway with several foreign companies over their plans for purchasing our petrochemical products as well as their cooperation in updating the industry.”

She noted that there are a number of projects that are not yet undertaken by any investors.

Developing the Mahshahr Petrochemical Special Economic Zone in Khuzestan Province, and setting up a new petrochemical complex in the port city of Assaluyeh, southwestern Bushehr Province, are among the upcoming plans of NPC, outlined by Shahdaie.

Iran 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 production. 

On January 30, Shahdaie said the Iranian petrochemical sector should attract $8-10 billion finance per annum mainly through foreign direct investment. 

According to Shahdaie, foreign companies mainly from Europe and East Asia are seeking to make investment in the implementation of Iranian petrochemical projects in post-sanctions Iran. 

SJ/MA