Deputy Petroleum Minister for International Affairs and Trading Amir Hossein Zamaninia said on Sunday that Tuesday (Dec. 15) will be a ‘key day’ for Iran as it will be the beginning of implementation of the joint comprehensive plan of action (JCPOA), adding that the Iran Petrochemical Forum (IPF) in Tehran has coincided with this pivotal period.

Addressing the 12th Iran Petrochemical Forum here in Tehran on Sunday, the official said the forum is being held at a proper time that precedes implementation of the JCPOA and lifting of sanctions on Iran which will hopefully bring positive outcomes for the country, according to Shana news agency.

The IAEA Board of Governors will vote to close the PMD file on Tehran’s nuclear program on December 15. This will clear the way for implementation of the JCPOA.

‘Tuesday will be a key day for Iran as the IAEA is to vote whether Iran has lived up to its commitments which, I hope, will clear the way for JCPOA implementation,’ he said.

‘The holding of IPC conference which introduced Iran’s new oil contract model to potential investors and the IPF took place at the right time when the sanctions are expected to be lifted ensuring attraction of foreign investments by Iran,’ he said.

IPF 2015 is an international event which is aims at introducing the industry’s capacities in the post-sanctions era.

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

More than 15,00 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.

Participants in the IPF 2015, one of the world’s most prestigious events representing the petrochemical industry, will discuss the core issues that the industry is facing with the emphasis given to Iran.

It provides an ideal platform where stakeholders and key players in the global petrochemical sector meet to exchange knowledge and address the latest advancements and best practices which are capable of shaping the future of the industry.

Following the historic nuclear agreement, Iran is also using the event to unveil its post-sanctions projects and plans for further expanding the Iranian petrochemical output capacity from the current 60 million t/y to over 138 million t/y in 2020 and eventually to 180 million t/y by 2025 with an investment of over $80 bn.

NPC seeks to use Iran’s natural gas reserves as raw material to produce propylene and propylene derivatives to provide feed for the expansion of local downstream industries.