Alireza Sediqi Zadeh said the plant will start to supply methylene diphenyl diisocyanate, most often abbreviated as MDI, during next calendar year.
The first supplier of MDI and toluene diisocyanate (TDI), the plant's products have no rivals in the western Asian countries, said the official.
He said inauguration of the TDI unit of the facility has rendered Iran needless of importing the product, saving the country over 300 million dollars annually.
TDI is an organic compound with the formula CH3C6H3(NCO)2. It is used for production of sponges used in cars.
The plant exports its TDI output to countries like Italy, Turkey, India, Azerbaijan, Pakistan, Germany, Greece, Russia, Peru, as well as a number of African countries like Nigeria.
Construction of phase II of the project will need $350m of investment.
The plant has operated at 111% of it s nameplate capacity in the first half of the current Iranian calendar year which began on March 20, the official added.
Sediqi Zadeh also said that sustainable supply of MDI will start in the H1 of the next calendar year after phase II of the plant comes online during the Fajr Decade.