“There are high hopes that this year we witness the completion of 4 projects out of 60 incomplete petrochemical projects,” Sheri Moqaddam said at the 11th international Iran Petrochemical Forum (IPF), which opened in Tehran on Saturday.

“In that case 2 million tons will be added to the existing production capacity (of the country’s annual output),” he added.

Iran has the capacity to produce 60 million tons of petrochemicals per year, however, only 68 percent of this capacity is tapped on average, due to a variety of reasons, including lack of raw material, Sheri Moqaddam said.

Once the 60 incomplete projects are inaugurated, the current production capacity of 60 million tons per year will rise to 120 million tons, he stated.

The Iranian official described financing as main problem in this regard which can be tackled through different ways, including foreign investment.

He also emphasized that the first priority of the National Iranian Petrochemical Company is to maximize the production of the existing plants.
Iran has significantly expanded the range and volume of its petrochemical production over the past few years.

The Islamic Republic, which holds the world’s third-largest proven oil reserves and the largest natural gas reserves, is determined to become the biggest petrochemical producer in the Middle East.