Speaking Sunday at the first Petrochemical Industry Investors Conference at the Oil Industry Conference Center in Tehran, Hassan Abbasszadeh said the petrochemical sector’s production capacity is expected to reach 131.5 million tons by the end of the Seventh Development Plan.

He said the plan calls for $26 billion in investment, about $13 billion of which has already been made, adding that projects covered by the plan are progressing at roughly 60%.

Abbasszadeh said 44 petrochemical projects have also been planned under the Eighth Development Plan, noting that securing financing for those projects is one of the industry’s top priorities.

The deputy oil minister said the petrochemical sector also posted strong performance in the first six months of the current year and expressed hope that new projects coming online by year’s end will add about 7 million tons to national production capacity.

To be updated