Hamidreza Ajami, NPC’s Director of Investment, said the country’s
current production capacity is nearing 100 million tonnes annually, a figure
expected to rise as part of the government’s seventh development plan, which
targets a capacity of 131 million tonnes.
The plan aims to reduce raw material exports, boost downstream
industries, attract domestic and international investment, and enhance
productivity—ultimately pushing the sector towards an annual growth rate of 8%.
“The scale of domestic funding from institutions such as the National
Development Fund and central bank remains limited,” Ajami said. “To maintain
competitiveness and avoid falling behind globally, we must utilize foreign
financing despite associated risks and restrictions.”
Currently, 142 petrochemical projects worth over $102 billion—with a
combined production capacity exceeding 132 million tonnes per year—are under
development across the country. About 24 billion dollars in new capital is
needed to complete projects in the seventh development plan, Ajami said, noting
that around $12 billion has already been spent on partially completed projects.
The NPC is also preparing for future phases. The eighth development
plan, scheduled to begin in 2026, requires an additional $10 billion in
investment, bringing the total near-term funding requirement to $22 billion.
To attract new investors, Ajami said NPC will expand its presence in
petrochemical-focused exhibitions and conferences, including Iran’s Oil, Gas,
and Petrochemical Show and the Iran Petrochemical Forum (IPF). A second
dedicated petrochemical investment conference is also being planned.
Ajami emphasized the importance of international engagement despite
years of sanctions. “Although sanctions have hampered financial cooperation
with Western firms, strong partnerships continue with China, Russia, CIS
countries, the Indian subcontinent, Latin America, and Africa,” he said.
His comments echo remarks made earlier by NPC Managing Director Hassan
Abbaszadeh, who highlighted the potential of African markets for Iranian
petrochemical exports during a planning session for the upcoming Iran-Africa
Economic Cooperation Summit in May.
In an effort to enhance transparency and reduce administrative
burdens, NPC has made investment procedures fully digital via an integrated
licensing platform, with materials published in multiple languages—including
Persian, Arabic, English, Chinese, and Russian.
From March 2024 to March 2025, the NPC approved 17 new projects and
extended permits for 39 others. The investment office has also signed
cooperation agreements with several free trade and special economic zones,
including Parsian, Qeshm, and Chabahar, to streamline access for potential
investors.
These initiatives, combined with efforts to reduce feedstock exports
and increase value-added production, demonstrate Iran’s ambition to position
its petrochemical industry as a globally competitive player, despite enduring
geopolitical headwinds.