Addressing Iran Petrochemical Forum 2015 (IPF2015) which opened here on Sunday, Zangeneh said the country has plans to see a giant leap in its petrochemical sector given the investments it will usher in the sector by foreign investors eyeing to join Iran's petrochemical projects after the sanctions removal.
He said following lifting of sanction Iran will be able to secure the targets set by the country’s Twenty-Year Outlook.
“The value of Iran’s petrochemical products is planned to increase to 70 billion dollars, a target which, nevertheless, requires massive investment, modern technology, and marketing,” he said.
The official also voiced his ministry's readiness to support the local private sector and cooperatives active in the petrochemical industry to welcome both domestic and foreign investors to take part in the projects.
He underlined abundant feedstock as one of advantages for investment in Iran’s petrochemical industry, saying, “National Petrochemical Company (NPC) follows two targets of sustainable feedstock and construction of infrastructure in the industry.”
"Iran stresses cooperating with the first-class companies to guarantee technology transfer and post-sanctions Iran will be drastically different from the pre-sanctions.”
“Foreign firms that used to have a representation in Iran can launch their branch here with their brand and select their strategic Iranian partners with our support,” Zangeneh said.
He also called for direct foreign investment to develop Iran’s petrochemical industry saying, “Iran is the region’s energy pivot.”
Zangeneh said Iran enjoys the most inexpensive educated labor, access to regional markets, and holding energy resources which justify investment in the country.
IPF 2015 is an international event which aims at introducing the industry’s capacities in the post-sanctions era.
Some 97 foreign companies from 25 countries participated in IPF 2015 which shows an increase of 120 percent compared to IPF 2014.
More than 15,00 representatives from domestic and foreign firms including Australia, Azerbaijan, Canada, Denmark, France, Germany, Japan, the Netherland, Russia, and US are taking part in the event.
Participants in the IPF2015, one of the world’s most prestigious events representing the petrochemical industry, will discuss the core issues that the industry is facing with the emphasis given to Iran.
It provides an ideal platform where stakeholders and key players in the global petrochemical sector meet to exchange knowledge and address the latest advancements and best practices which are capable of shaping the future of the industry.
Following the historic nuclear agreement, Iran is also using the event to unveil its post-sanctions projects and plans for further expanding the Iranian petrochemical output capacity from the current 60 million t/y to over 138 million t/y in 2020 and eventually to 180 million t/y by 2025 with an investment of over $80 bn.
NPC seeks to use Iran’s natural gas reserves as raw material to produce propylene and propylene derivatives to provide feed for the expansion of local downstream industries.