Iran, the second largest producer of petrochemicals in the Middle East is expected to outlay close to US$30 bln in the South Pars petrochem projects, according to a senior executive in National Iranian Petrochemical Company (NIPC). Phase-1 and Phase-2 of the South Pars petrochem projects will attract an investment of US$7.5 bln and US$13 bln respectively. Petrochemical downstream projects will attract the remaining US$9 bln.

On the other hand, market value of the petrochem products form the Phase-1 and the Phase-2 of the South Pars project is slated to be US$8.2 bln p.a. and $14.1 bln p.a. respectively. Also, state-owned NIPC is expected to twice its production by (to 68 mln tpa) by 2024. Currently, Iran produces 2.1% of the total world's petrochemical output.