Speaking at the opening ceremony of the 15th Iran Petrochemical Forum in Tehran on August 4, he said: the Oil Industry Pension Fund is a Petroleum Ministry subsidiary, dependent on neither the government nor the state budget.

Elaborating on the fund’s projects, he said that generating the fund assets, completing the value chain, boosting fund's investments productivity and profitability, avoiding getting involved in non-economic projects, moving toward growing production and being export-oriented, getting a larger share of profitable markets and protecting the environment are the main priorities of Oil Industry Pension Fund.

He further stressed the importance of completing the value chain noting that oil industry development should be based on expanding the value chain. Bayat continued that in line with that policy, the fund is developing Kangan Petro-refining, Dehloran olefin, and Nakhl Asmari petrochemical projects.

The Oil Industry Pension Fund is involved in implementing 19 projects, worth 10 billion dollars, of which equivalent to 6 billion euros has been spent up to the 20 June this year.