Iran and the P5+1 group of countries reached a historical nuclear deal in July which curbs Tehran's burgeoning nuclear endeavors in exchange for lifting of crippling US-led western sanctions on the country.
Addressing the opening of the 12th Iran Petrochemical Forum here in Tehran on Sunday, Zarif said, “Iran’s petrochemical industry is capable of a boost as a progressive industry in its development in the post-sanctions era.”
“The industry can enter a new setting following removal of the sanctions,” he said adding, “The petchem industry is one of the active and dynamic fields which was directly hit by the oppressive sanctions.”
He said JCPOA will resolve many problems in attraction of foreign investment, banking and monetary transactions as well as transportation so the industry will be able continue its march to development.
Zarif also called on establishment of a powerful international network based on global standards in order to boost the industry’s capacity and power.
Prior to his speech, Minister of Petroleum Bijan Zangeneh said Iran is planning a giant leap in its petrochemical industry following lifting of sanction so that it can secure the targets set by the country’s Twenty-Year Outlook.
“The value of Iran’s petrochemical sales is planned to reach $70bn, a target which, nevertheless, requires massive investment, modern technology, and marketing.”
Saying that Iran stresses cooperating with the first-class companies to guarantee technology transfer, Zangeneh added, “Post-sanctions Iran will be drastically different from the pre-sanctions.”
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.