Hamidreza Ajami, investment director of the National Petrochemical Company, said the industry’s annual revenue, under current trends, could reach about 60% of the country’s oil revenues.

Speaking Sunday at the first Petrochemical Industry Investors Conference in Tehran, Ajami said the government is obliged to provide the necessary groundwork and policy framework to enable greater private-sector participation in the industry. He added that the NPC is also required to address development challenges to ensure the continued and effective activity of investors.

Ajami stressed the continued role of the company in executing and guiding petrochemical development, saying it will continue to oversee petrochemical complexes and work to resolve existing challenges.

He said the company’s investment management activities focus on two main areas: overseeing the issuance and renewal of investment licenses through various mechanisms, and facilitating access to financial resources for projects.