Abbas Shari-Moqaddam, who is also the deputy petroleum minister for petrochemical affairs, said, "There are no worries for feedstock supply from phases 12, 15, 16, 17 and 18 [of the South Pars gas field] and the National Iranian Oil Company has promised to supply the required ethane by petrochemical plants by the end of summer up to 700,000 to 800,000 tons."
He said the petrochemical industry needs capital and technological knowhow which can be supplied by Asian and European companies which are waiting the removal of western sanctions on Iran.
"European and Asian countries eye investment in Iran which all depends on a nuclear accord between Iran and the world powers," said the official addressing a press conference at the 20th Iran Oil and Gas Show in Tehran.
"We have had meetings with delegations from Japan, India and some European countries who have all expressed interest in investing in Iran but are awaiting the finalization of the nuclear agreement," he said.
He further said plans are under way for the production of 50 million tons of petrochemical during the current calendar year.
Furthermore, he added, 67 half-finished petrochemical projects with 20 to 90% physical progress will come on-stream based on a schedule.
He also said the law allows the National Petrochemical Company (NPC) to endorse downstream petrochemical projects in a bid to complete the value chain.