Hassan Abbaszadeh said that of the $24 billion required for petrochemical projects under the plan, about $13 billion has already been invested.

Speaking Sunday at a ceremony to sign memorandums of understanding on energy consumption reduction projects, Abbaszadeh stressed the need for synergy among different sectors. He said a collective decision has set the stage for joint action, adding that alignment among the government, trade associations and the private sector is a valuable asset for advancing industry goals.

Abbaszadeh said the Seventh Development Plan is a key government priority emphasized by the president, and that the oil minister has reiterated the need to meet the plan’s targets and provisions. He said effective use of the country’s media capacity and cooperation with trade associations play a decisive role, noting that associations serve as the true voice of the private sector and demonstrate the industry’s strong backing.

Rising Investment in the Petrochemical Industry

Abbaszadeh reiterated that petrochemical projects under the Seventh Development Plan require $24 billion in investment, with about $13 billion already committed, highlighting the industry’s strategic role as a major value creator.

He said the petrochemical sector extends beyond basic product manufacturing, pointing to significant value creation in downstream chains such as pharmaceuticals. Industries derived from petrochemicals, he said, play an effective role in production, job creation and economic development.

Abbaszadeh said specific plans have been designed to maximize existing capacity, including gas consumption management. He added that talks with the Central Bank have resulted in agreements to offer incentives—by the government and the bank—to companies that move toward energy optimization and production, ensuring that gas consumption translates into product output and export development.

Petrochemical Investment in Clean Energy

The deputy oil minister said another key pillar of the Seventh Development Plan is the expansion of renewable power generation. He noted that one petrochemical company alone has a plan to develop 2,500 megawatts of renewable electricity, which could play a major role in ensuring sustainable energy supply.

Emphasizing the role of the public, media and nongovernmental organizations, Abbaszadeh said the initiative launched today requires investor participation, NGO cooperation and responsible media engagement. He said most shareholders in the petrochemical industry are members of the public, either directly or indirectly through pension funds for state employees, the armed forces, teachers and oil industry workers. The industry, he added, indirectly supports employment, foreign currency earnings and economic stability.

Abbaszadeh said culture-building, particularly among younger generations, is critical, adding that the memorandums signed Sunday can be seen as cultural seeds for the future. Public trust, he said, is the industry’s main asset, and any promises or incentive programs must be fully honored, as public participation depends on trust.

He thanked petrochemical companies for their effective cooperation this year and said continued collaboration and collective action will further pave the way for energy optimization and the sustainable development of the petrochemical industry.