Iran will witness a petrochemical boom after the upcoming removal of sanctions, managing director of National Petrochemical Company (NPC) of Iran said here Sunday.

Addressing the 12th Iran Petrochemical Forum (IPF) that started in Tehran today, Abbas Sheri Moqaddam announced that the capacity of production of petrochemical products in Iran will reach 70 million tons in a year.

Such a goal will be achieved by the end of the next Iranian calendar year that will start on March 20, 2016, he added.

At present, the country is capable of manufacturing 60 million tons of petrochemical products every year, he noted adding the figure could be 100 million tons if Iran was not under the unjust international sanctions.

Referring to the July 14 nuclear agreement between Iran and the six world powers that will lead to lifting anti-Iran sanctions soon, the official hoped the petrochemical industry will witness a bright future.

Several European and Asian countries have already expressed readiness to make investment in Iran’s petrochemical industry after the removal of sanctions, he said.

Iran, with 158 billion barrels of oil reserves and 34 trillion cubic meters of natural gas reserves, owns the largest hydrocarbon reserves around the globe, the official stressed.

The 12th annual international Iran Petrochemical Forum will run for two days. Representatives of 25 countries are attending the forum.

Iran Petrochemical Forum is aimed at introducing petrochemical opportunities in Iran.