TEHRAN, July 17 (Shana) – A senior official with the National Petrochemical Company (NPC) says Iran will double its petrochemical output by the end of the 6th five-year development plan (2016-2021).

Speaking to Shana, Farnaz Alavi said Iran will add 50 to 60 million tons of production capacity to its annual petrochemical output by the end of the 6th development plan.

"An investment of $35b has been envisaged for implementation of petrochemical projects under the 6th development plan and difference scenarios for attraction of the sum have been defined whose success will depend on foreign investors as well as international credit lines," she said.

Alavi, who is a member of NPC's board of directors, said a certain portion of the output will be consumed as feedstock by supplementary facilities and 40 to 50% of the output will be sold on the domestic and international market as end products.

She had previously said that 28 petrochemical projects have been defined under the development plan which will be financed directly by foreign investors.

Ever since removal of the US-led sanctions on Iran's vital economic sectors in January 2016, the country is endeavoring to position itself as the region's top supplier of highly valued petrochemical items.

By SHANA