Davood Bagheri told Shana of signing a €100 million cooperation agreement with a foreign investor for the Dena Petrochemical project, and said: "By attracting this foreign investment, 25% progress of Dena Petrochemical Project will be made in the next year and the backlogs of previous years will be compensated for."

Speaking on Saturday on the sidelines of signing the Memorandum of Understanding with a foreign investor, he said lack of finance was the main problem in development of the project over the past years.

He pointed out that Sabalan Petrochemical Plant, as the first petrochemical project by the holding company, would come on stream in the current calendar year, which began on March 21, adding, "Attracting this capital of 100 million Euros promises the early inauguration of Dena Petrochemical project to add up to 1.6 million tons per year of methanol to the country's petrochemical production capacity.”