During the investment and development panel at
the IPF International Conference on Tuesday, he went on to say that out of the
$22.7 billion invested in the oil industry, $2.7 billion has been allocated to
the petrochemical industry in ten different projects.
Mir Mohammad Sadeghi stressed the importance of
investing in productive projects and said that since the beginning of 2019,
$35.7 billion has been invested in all major industries in the country, with
$22.7 billion allocated to the oil, gas, refining, and petrochemical
He also noted that the National Development Fund
has attracted $700 million from the resources allocated to petrochemical
projects. To be considered for funding, petrochemical industries must meet
certain requirements, such as having qualifications, minimal physical
development, and feed stability.
Mir Mohammad Sadeghi emphasized that the priority
for allocating facilities in the National Development Fund is for
value-creating projects and value chain development.
He further stated that Iran has invested more
than $26 billion in the country's industries from the National Development Fund
from 1998 to 2021, and $8.5 billion is forecasted to be invested in industrial
projects by the end of the 7th development plan, while $20 billion will be
invested in the 8th development plan.
National Development Fund is a sovereign wealth
fund established to invest oil and gas revenues for future generations and
reduce the country's dependence on oil revenues. It is one of the largest sovereign
wealth funds in the world, with assets estimated at $97 billion in 2020.