Minister of Petroleum Bijan Zangeneh said Iran is planning a giant leap in its petrochemical industry following the removal of sanctions in order to secure the targets set by the country’s Twenty-Year Outlook plan, SHANA reported.

“Value of Iran’s petrochemical products is expected to increase to 70 billion dollars, a target which requires massive investment, modern technology and marketing,” he said at the 12th Iran Petrochemical Forum (IPF 2015) which opened here on Sunday.

The Ministry of Petroleum, Zangeneh added, supports the local private sector and the cooperatives active in the petrochemical industry so that both domestic and foreign investors can take part in the projects.

He introduced abundant feedstock as one of advantages for investment in Iran’s petrochemical industry and said, “National Petrochemical Company (NPC) follows two targets of sustainable feedstock and construction of infrastructure in the industry.”

Stressing that Iran strives cooperation only with first-class companies to guarantee technology of transfer, the minister added, “Post-sanctions Iran will be drastically different from the pre-sanctions era.”

“Foreign firms that used to have a representation in Iran can re-launch their branch here with their brand and select their strategic Iranian partners with our support,” Zangeneh said.

He also called for direct foreign investment to develop Iran’s petrochemical industry saying, “Iran is the region’s energy pivot.”

“The most inexpensive educated labor, access to regional markets, and holding vast energy resources are some of advantages that justify investment in Iran,” he told participants at the international event which aims at introducing the industry’s capacities in the post-sanctions era.

Some 97 foreign companies from 25 countries participated in IPF 2015 which marks an increase of 120 percent compared to IPF 2014.

More than 1500 representatives from domestic and foreign firms including Australia, Azerbaijan, Canada, Denmark, France, Germany, Japan, the Netherland, Russia, and US are taking part in the event.