Addressing a gathering of petrochemical executives and officials on Thursday,
he said there is a competition in the Middle East region for attraction of
foreign investment.
He said based on Iran’s 2015 development outlook, it will generate $55
billion of revenues by launching new petrochemical plants by 2025 which will make
the country the region’s top petrochemical producer.
Iran eyes a petrochemical production capacity of 120 million tons per year
by 2025. The country is currently supplying around 60 mt/y.
Saudi Arabia with 76 million tons of petrochemical production capacity is
Iran’s biggest rival in the sector in the Middle East, he said.
Stability of regulations, supporting incentives, division of a firm outlook
for the sector and luring projects are some factors required for ensuring investment
in the sector, the PGPIC official added.