Speaking to NIPNA, Abbas Shari Moqaddam said completion of development projects in the petrochemical sector is not a possibility by tapping domestic resources given the size of investment needed for such projects; therefore, foreign finances must be exploited for completing or starting new projects in the industry.
He said projects saw an acceptable pace under President Hassan Rouhani administration, however, continued progress in the sector needs resolution of banking issues and enhanced interactions with foreign countries in order for their investors to join petrochemical projects in Iran.
He said Iran is a safe country for investment, adding financing of projects by foreign investors must be facilitated so that the sector's growth gains momentum.
Iranian petrochemical projects can currently supply 61 million tons of petrochemical products annually.
Plans are under way to double the country's annual production capacity by 2025.