Iran’s 7th national improvement strategy witnesses USD35B of funds in petchem industry

2022-12-19 01:53:05

(MENAFN) Iranian vice leader for technological and scientific affairs has stated that according to the nation’s seventh five-year National Development Plan (2022-2026), USD35 billion of funds will be collected in the nation’s petrochemical area.

“In the seventh [national development] plan, 35 billion dollars of investment in the petrochemical industry is predicted, from which the share of the Persian Gulf Petrochemical Industries Company (PGPIC) is 15 billion dollars,” Ruhollah Dehghani Firouzabadi stated in a meeting on the application of additional technologies in the petrochemical sector (called Petrofan) on Sunday.

As said by Firouzabadi, trading raw materials in the petrochemical sector can have an 80 percent advantage rate but utilizing additional technologies in this industry can grow its advantage to reach 1,000 percent.

“For every one dollar of investment in this industry, eight dollars of profit has been made and with the investment made so far, one billion dollars of value has been created,” the official stated.

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