Iran’s Oil Minister, Bijan Zanganeh, announced that the Islamic Republic would commence several petrochemical projects with $5.4b worth of investment by March 21st, 2017. Iranian News Agency SHANA informed that the annual value of the country’s petrochemical production would increase by $5.1b, according to Zanganeh.

He added that the projects Kavian 2, Morvarid, Kurdistan Polyethylene, Pardis plant’s 3rd phase, Ammonia and Urea Plant of Assaluyeh, Entekhab Polystyrene and Deyr Methanol Plant would become operational by the end of current fiscal year, which is on March 20th, 2017. The value of the petrochemical projects for end of the first half of next year will be $8b, which will raise annual sales by $6.7b, the minister stressed, according to Financial Tribune.

Zanganeh further underlined the activation of the downstream petrochemical industry, saying that Iran should use foreign investment, public capital, and the National Development Fund of Iran to finance petrochemical projects.

Recently Iran announced it will begin a green power build out, which will attract investments worth of $12b, as the country plans its first tender for utility-scale renewable projects.