Persian Gulf Holding has been in negotiations with an increasing number of foreign companies in recent months with four to five firms approaching the major Iranian company every month for cooperation in petrochemical projects, said a company's executive.
"After the removal of sanctions and arrival of the modern technology, our company will begin production of a diverse range of products," said Davoud Farahani, the company's director for planning, Shana reported.
Turning to the local production of petrochemical industry equipment despite the sanctions, he added, the industry currently imports 50 percent of its machinery whereas in the pre-sanctions period this figure was 90 percent.
According to the Independent Chemical Information Services (ICIS), Persian Gulf Holding has improved its ranking by five and currently stands 44th in the world and second in the Middle East in terms of production.