Addressing reporters on Monday, Mr. Owji said: "The details of the contracts concluded in the negotiations with China and Russia will be announced in due course."

Underlining his visit to the 15th Iran Plast International Exhibition, he said: "Fortunately, during my visit to the booth of the companies present in this exhibition, I saw the capabilities of many Iranian companies."

He said that the current production capacity of the country's petrochemical industry is 90 million tons per year and is diverse, adding that petrochemical companies in recent years have been able to meet the needs of the country’s manufacturers.

The Minister of Petroleum noted the $10 billion revenue of the petrochemical industry in the first 10 months of the current calendar year, which began on March 21.

"Fortunately, the petrochemical industry is a leader in the field of knowledge-based technologies in the country, and now we see that most of the catalysts needed by the country have been localized and we will be self-sufficient in this field by the end of the thirteenth administration," Owji said.

He said: "Now, unlike the past, petrochemical holding companies have closed ranks in the field of investment, and we will soon see a great change in projects located in low-income areas of the country."