Speaking at a press conference on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition, dubbed Iran Oil Show, Morteza Shahmirzaei said currently, Iran’s petrochemical industry enjoys a 90 million ton capacity which is to increase to 200 million tons by next 10 years through relying on the industry’s capable experts, scientists and activists, adding the future products will continue to be manufactured in value chain and create higher added value.

Petrochemical industry has the best position and is a value-creating and risk-free industry, he said, adding: “We need researchers and experts’ innovations in order to develop and construct new petrochemical plants. Therefore, I would like to invite all capable investors, scientists and enthusiasts to help the industry as it is an enduring heritage for future.”

Investment packages are prepared for foreign investors, he stated, adding: “Investors can use the packages according to their needs.”

Shahmirzaei also invited all holdings and active companies involved in petrochemical industry to cooperate in making an indigenous industry in the future, saying a part of goods, processes and materials have yet to be localized and we expect these entities to get engaged to this end.

West Islamabad is among the petrochemical projects fully implemented by Iranian manufacturers and scientists, he noted.

There are 69 active petrochemical complexes in Iran, he said, adding petrochemical industry plays a determining role in forex resources supply and the country’s economic balance. Last year, over 15 billion dollars of various petrochemical products were exported and 12.5 billion dollar worth of products was sold in Forex Management Integrated System (locally known as NIMA).

On the memoranda of understanding signed between the National Iranian Oil Company (NIOC) and some petrochemical holdings, he said, “There is a gap between actual production and installed capacity in Iran’s petrochemical industry, to reduce part of which, that is sustainable feedstock supply, petrochemical holdings are to invest in a number of fields.”