TEHRAN – Iranian oil minister said on Saturday that new petrochemical complexes going online will add 9.5 million tons (mt) to the country's petrochemical output, IRNA reported.

Bijan Namdar Zanganeh made the remarks in the inauguration ceremony of a petrochemical complex in the western province of Kordestan.

"New complexes will produce over $5.5 billion worth of petrochemical products annualy which is quite significant," he said.

The minister further noted that the country is producing over $40 billion worth of petrochemical products per annum.

"To supply the domestic complexes' feedstock is an important issue and we are trying to be self-sufficient in this regard," the minister added.

Iran plans to boost its petrochemical output to 140 million tons per annum by the end of its outlook plan for the calendar year of 1404 (March 20, 2026) and $70 billion of investment is required to meet this objective.

After the implementation of Iran’s nuclear deal, National Petrochemical Company (NPC) has received high willingness from European companies for cooperation with Iran in the petrochemical sector both in financing and licensing, Farnaz Alavi, the NPC director for planning and development, announced in last December.

EF/MA