Tehran (IP)-The CEO of Iran Social Security Investment Company (SSIC), also known by its Persian acronym SHASTA, announced a 50 billion dollar trade in the country's petrochemical industry in the last five years.

Iran PressIran News: Referring to the value creation of the petrochemical industry in the country's economy, Ebrahim Bazian, the CEO of SSIC, at the 14th International Iran Petrochemical Forum (IPF) in Tehran, said that the industry aided Iran's economy at the height of the sanctions.

Bazian stated: "Today the maximum capacity of Iran's petrochemical industry has reached 92 million tons, which is expected to reach 95 million tons by the end of the current year."

"This capacity can be increased to one and a half to two times in a middle perspective in order to bring about a balanced development in the upstream, midstream, and downstream sectors," Bazian added.

Despite imposed sanctions on Iran's industry, the localization of equipment has always been a concern of Iran's oil industry, and 44 years after Iran's Islamic Revolution, this sector, making a significant trend in exporting these products, has reached 85% self-sufficiency in manufacturing equipment needed by the oil, gas, and petrochemical industry. 


Read More: 

14th Iran Petrochemical Forum kicks off in Tehran