Speaking to NIPNA, Yaraghi said the money will be spent for building industrial parts, machinery and equipment in petrochemical projects.
He said signature of deals and MoUs with leading chemical and industrial companies on the sidelines of the K 2016 fair in Germany's Dusseldort indicate Iran's high level and significance in petrochemical arenas.
"We signed many documents with European companies during the fair which should be regarded as a firms step forward for the sector in the post-sanctions' setting," he added.
He further said for example Germany's Thyssenkrupp has voiced readiness to engage in PVC projects in Iran. Moreover, Denmark's Haldor Topsoe has said it would engage in supply of catalysts and transfer of technical savvy to Iran now that the sanctions are being lifted on Tehran's nuclear program.
The official also said that despite the willingness of foreign companies to join petrochemical projects in Iran, banking sanctions thanks to the remaining sanctions are still causing troubles and headaches for them.