Addressing the opening ceremony of the Iran Plast international exhibition on Sunday, Behzad Mohammadi, the CEO of the National Petrochemical Company (NPC), said that Iran had already invested 53 billion dollars in its petrochemical industry.

He described Iran Plast as the most importance event in the plastics industry of the country and the Middle East, adding that it would function as a link between producers and consumers of petrochemical products.

The official said 570 Iranian and 35 foreign exhibitors ran stands in the showcase, adding foreign exhibitors came from such countries as Italy, Russia, India, China, etc.

Mohamamdi, who is also deputy petroleum minister for petrochemical affairs, further said that 3 accelerators, 15 startups and 36 knowledge-based companies had participated in the 13th edition of the fair this year.

He further said that the petrochemical industry of Iran received 33 million tons per year of feedstock which would mount to 62 mt/y by 2021 and was planned to reach 74 mt/y by 2025.