The deputy petroleum minister for petrochemical affairs said implementation of 14 petrochemical projects in the first phase of PEIISEZ was expected to increase Iran’s annual petrochemical production capacity by 15 million tons with $19 billion of investment.

Behzad Mohammadi, who is also the CEO of the National Petrochemical Company (NPC), said implementation of the projects would create a new movement in the southern province of Hormuzgan.

He said of 55 petrochemical plants operating across the country, 30 were operating in Assaluyeh, Kangan and Dayyer, adding 17 projects were also under construction and dozens of others were being pitched for financing.