He stressed the need for market players and investors to adopt
innovative financial strategies to alleviate the financial constraints and
bottlenecks faced by the industry.
During the inaugural Investment Summit in the petrochemical sector
held today (Wednesday, the 6th of Dey), Shahmirzai extended
condolences for the loss of Commander Seyed Razi Mousavi, acknowledging the
critical role played by such figures in ensuring the stability and security
necessary for the oil, gas, and petrochemical industries, especially in border
and oil regions, creating a secure environment for investment.
Shahmirzai encouraged intellectuals participating in today's panel
discussions to candidly address pertinent issues, aiming to derive novel
conclusions and theories by day's end, facilitating the next steps toward
"Currently, over 97% of the global industry is directly or
indirectly associated with the petrochemical sector," Shahmirzai asserted,
underlining the industry's increasing role in global life due to the scarcity
of natural resources, thereby pushing humanity toward manufacturing.
Regarding the nation's hydrocarbon reserves, he highlighted Iran's
considerable reserves of liquid hydrocarbons equivalent to 1.1 trillion barrels
and accessible oil reserves of 156 billion barrels and 32 trillion cubic meters
of natural gas, emphasizing the significant potential these reserves offer to
Shahmirzai also noted the crucial shift toward self-sufficiency in
catalyzers and chemical initiators, a concern addressed since the 7th
of Dey 1400, during the government's tenure. Efforts are underway to indigenize
these components by the end of the administration.
Recognizing the pivotal nature of the petrochemical industry in Iran's
development, Shahmirzai portrayed financial procurement as a professional and
specialized task. Given the economic pressures exerted by antagonistic nations
via banking sanctions, he urged financial professionals, market specialists,
and diverse investors present at the summit to engage in discussions about
resolving the industry's financial bottlenecks, highlighting the sector's
potential profitability for investors and the nation upon completing the value
Elaborating on the developmental progress, he informed that the
Seventh Development Plan, currently undergoing final approvals, includes the
finalization of the petrochemical industry's development, paving the way for
the Eighth Plan.
"The petrochemical industry is at the forefront of Iran's
development," Shahmirzai affirmed, indicating the ongoing formulation of a
20-year development document and its pivotal role in shaping a 50-year vision
for the industry.
Furthermore, Shahmirzai underscored the importance of manufacturing
all petrochemical products domestically, expressing gratitude for the endeavors
of domestic and international elites and urging them to transfer technological
knowledge developed abroad to Iranian industrialists.
He highlighted the significant progress in procuring over 85% of
petrochemical equipment domestically, foreseeing complete self-sufficiency
within the next three to four years. Shahmirzai also emphasized the need to
plan and scrutinize the establishment of climate-adapted chemical industries in
Iran's eastern regions.
The recent surge in demand for domestic petrochemical products,
particularly the over 40 trillion rial ($400 million) credits offered in the
past six months, further illustrated the growing purchasing power of downstream
units, signifying a step towards revitalizing hundreds of stagnant industries
and resolving their perennial financial liquidity issues.