A senior Iranian petroleum official said foreign investors are keen on investing in Iran's upstream petrochemical sector.
Deputy Oil Minister Abbas She'ri Moqaddam said foreign investors have already expressed interest in returning to Iran's lucrative petrochemical market, Press TV reported.
He assured foreign investors that a minimum capital return of 20 percent is guaranteed in Iran's petrochemical projects, adding Iran is 'the land of opportunities for foreigners'.
The Islamic Republic says it needs $31 billion to complete 60 petrochemical projects. Once these projects become operational, the current petrochemical production capacity of 60 million tons will be doubled.
Iran has already unveiled plans to become the leading producer of petrochemicals in the Middle East and has significantly expanded the diversity and volume of its petrochemical products over the past few years.
It produced 40 million tons of petrochemical products in the year to mid-March 2015 while its earnings from petchem export reached $9 billion.