TEHRAN (NIPNA) -- Fresh investments can revolutionize Iran's petrochemical industry in the post-sanctions setting, a member Iran's Chamber of Commerce said.
Masoud Gol Shirazi, a member of the investment and financing commission of Iran's Chamber of Commerce, said establishing joint credit lines by Iran and foreign countries can be considered as an important step in financing major projects.
He said fresh investments are under way in the petrochemical industry of Iran due to the sanctions' removal.
Petrochemical projects are highly costly requiring direct foreign investments, he added.
Gol Shirazi further said petrochemical industry is among sectors that can generate the most value added that is attractive for foreigners willing to finance projects in Iran.
"Supporting manufacturing of petrochemical machinery and parts domestically can develop the sector," he said.
Iran is positioning itself as a major petrochemical power in the Middle East and the world now that US-led sanctions on Tehran's nuclear agenda have been lifted after Iran struck a landmark deal with world powers last July.