Iran is geared up to raise petrochemical output to over 100 million tons a year;
This was announced as Tehran has hosted the 11th International Petrochemical Forum known as IPF. New technologies, new applications of petrochemical materials and the future of petrochemical industry including Iran’s new investment opportunities are among the topics to be discussed during the conference. Addressing the conference Iran’s first vice president Eshaq Jahangiri said Iran is one of the safest countries for petrochemical investment. The 11th forum comes as some sanctions on Iran’s petrochemical exports have been partly lifted under the Geneva deal signed between Iran and the permanent members of the UN Security Council plus Germany last November. Iran holds the world’s third-largest proven oil reserves; this is while the country possesses the largest natural gas reserves estimated at 33.6 trillion cubic meters. Accordingly, it is determined to become the biggest petrochemical producer in the Middle East. With abundant investment opportunities available, Iran plans to invest a total of $500 billion in the oil sector by 2025.