A Chinese company has expressed readiness to invest in Iran’s petrochemical catalysts project with a total investment of $400m, Deputy Head of Iran-China Joint Chamber, Majid-Reza Hariri, declared, informed Azer News.

Under the deal, the bilateral trade turnover between the two countries is expected to reach $60b in the next 10 years.  The official further pointed that China is the main and best market for the Iranian petrochemical products, according to Trade Arabia.

Iran produced 46.4mt of petrochemicals during the last fiscal year ended March 20, 2016, however, for the current year, the figure is planned to reach 54.7mt.

Yet, the Iranian oil industry requires an injection of funds in the order of $200b, with $130b to be put into the upstream sector and $70b into processing facilities.

The country’s actual petrochemical output capacity is around 63mt/y and Iran hopes to bring the capacity to 120mt/y by 2020 and 160mt/y by 2025.

Tehran moves to upgrade its energy sector, which comes after the lifting of the international sanctions against the country on January 2016.