South Korea's Hyundai has been in talks with Iran to participate in petrochemical projects, joining major international companies in hunt for new opportunities.
Hyundai is the latest energy company to declare interest in Iran's plans for "a second leap in its petrochemical industry" after negotiations with Germany's Linde and BASF and Royal Dutch Shell, Press TV reported.
"Leading international companies are after renewed presence in Iran's petrochemical industry development plans," said deputy head of National Petrochemical Company Mohammad Hossein Peyvandi on Thursday.
He pointed out that in recent months, officials of European and Asian firms have repeatedly made formal applications for a share in Iran's new development projects.
Representatives from trading companies have repeatedly visited Tehran with some even posting permanent representatives there.
The petrochemical industry is the biggest source of foreign earnings for Iran after oil but US sanctions have led to a decline in exports. Officials have said the sector requires investments of about $70 billion over the next 10 years.
Iran's total petrochemical production capacity stands at 60 million metric tons per year which the country plans to double.
Last month, secretary of the Association of Petrochemical Industry Corporations (AIPC) Ahmad Mahdavi said Iran has worked out a 'special plan' to export petrochemical products to the US.
The plan is part of Iran's bid to diversify its petrochemical market which will open up further to the country's products once sanctions are lifted, he said.