Talking to Press TV, Morteza Shahmirzaei added that Iran has a risk-free petrochemical industry, which offers investors numerous and lucrative opportunities.

Iran’s huge oil and gas reserves and sustainable hydrocarbon production have given investors a firm assurance about the country’s market, he noted.

The National Petrochemical Company has offered over 110 small and large projects in the country, revealed the official, adding the underway projects are attractive to investors and experts from different European countries and the United States have visited the projects.

Iran has a trustworthy investment market, reiterated the NPC chief, adding its oil industry, particularly petrochemical industry, has been developed in a way that has caused its gross domestic product (GDP) to grow and prevents any foreign intervention from stopping its progress and exports.

Given its massive oil and gas reserves, Iran stands top in the world rankings, boasted Shahmirzaei, calling it a God-given backing for the country’s petrochemical industry.

Iran’s annual petrochemical production has hit 92 million tons, said the deputy oil minister, describing the output as a great success, as the growth has been achieved despite severe sanctions.  

More than 550 different grades are currently produced in the country’s petrochemical industry and polymer sector, said the NPC CEO, vowing that the petrochemical industry’s production capacity will double to meet the target set by the Seventh Five-Year Development Plan.

Unlike the pre-revolution era, Iran is now self-sufficient in different areas, including technical know-how as well as repair and maintenance of installations, he mentioned.

The incumbent administration is making every effort to help domestic industry become fully self-sufficient in producing catalysts, Shahmirzaei added.

“The more sanctions are imposed on the country, the more we try to be self-sufficient,” pledged the official, saying Iran has already become self-sufficient in setting up knowledge-based systems and manufacturing turbines and compressors.