The petrochemical industry is an advantage for Iran's economy given its vast potentialities, head of National Petrochemical Company (NPC) said.
'Iran's economy is treading in the path of reducing its dependence on oil revenue and the petrochemical industry, given the variety of items it can produce, can play a significant role in this regard by generating massive value-added for the country,' Shana quoted Abbas Shari-Moqaddam saying.
He said economic prosperity is a necessity of development in every country, adding that the petrochemical industry can play a significant role in this regard.
Shari-Moqaddam, who is also deputy minister of petroleum in petrochemical affairs, called on the country's authorities and government bodies to close ranks to endorse and rejuvenate the industry.
He said Iran shall see a major leap in the industry once new investments are funneled to complete its envisaged projects in the post-sanction setting.
Iran has devised serious plans to revamp its petrochemical industry. The country's annual petrochemical production capacity stands at 60 million metric tons of petrochemicals, which will see a major boost once the envisaged projects become operational.