Iran’s National Development Fund has allocated $6b for the execution of petrochemical and refining projects in the current fiscal year ending in March 2016, reported Natural Gas Europe.

According to the country’s sixth five-year development plan between 2016 and 2021, 36 projects in the area of urea and ammonium, polypropylene, olefin, and aromatics, should be implemented requiring a minimum of $450-$500m in funds.

National Iranian Petrochemical Company’s Director for finance and investment development, Amir Hassan Fallah said that the Iranian petrochemical industry as a whole was in need of $10b worth of investment annually.

In related news, Trade Arabia wrote that Iran was set to launch a section of Damavand Petrochemical Plant by mid-March 2016. In addition, some 19 other major petrochemical projects are expected to become operational by September 2017.

Iran’s National Petrochemical Company (NPC) stated that 67 projects were currently under implementation, out of which 16 projects had witnessed over 87% progress. NPC’s Director of projects, Shah-Daei said that the completion of the projects required an estimated sum of $40b.