Iran is going to host an international petrochemical conference in November as an attempt to attract $70 billion of investments to boost the Iranian petrochemical sector, Daily Sun reported.

The event is estimated to gather some of the world’s biggest corporations from Italy, Germany, Spain, the UK, France, China, India, Singapore, and Qatar in order to consider the opportunities in Iran’s lucrative petrochemical sector, Xinhua informed.

The conference will highlight the importance of exploring financing methods for petrochemical ventures, transferring cutting-edge know-how in the field, and introducing investors to opportunities in the Iranian petrochemical industry.

Starting from 2016 after the lift of the western sanctions against Iran, many international companies have started negotiating with the Iranian government in order to establish themselves in Iran’s oil and gas projects.

Earlier in May, the country organized a major energy exhibition in its capital Tehran where 1,500 foreign companies from 37 countries participated in the event, focusing on showcasing the nation’s latest technical achievements and attracting foreign investments.