Morteza Shahmirzaei, who made the remarks in a press conference at the 17th IranPlast International Exhibition, added petrochemical industry is the most developing industry in the world and ranks first.

Iran’s petrochemical production capacity, which was at a pretty low level at the beginning of the Islamic Revolution, has now soared to over 92 million tons per year thanks to great efforts of domestic experts, said the NPC head.

The country’s petrochemical industry was 100 percent dependent in the pre-revolution era while Iran is now self-sufficient in most sectors, including catalysts, products, equipment, commissioning, and producing, said Shahmirzaei.

He added Iran’s 13th (incumbent) administration has signed memorandums of understanding (MoUs) on investment in oil industry worth tens of billions of dollars, of which some were put into action and some are underway.

Development plans for completing petrochemical industry’s value chain and setting up new plants with the aim of diversifying products have been outlined, mentioned the deputy oil minister.

A handful of petrochemicals were produced in Iran at the beginning of the Islamic Revolution, but now 550 grades of petrochemicals are produced and supplied to domestic and foreign clients, he concluded.