Iran says petrochemical contracts worth $12 billion have been signed during the current Iranian calendar year (started March 20, 2012).
The new investment packages were signed by Iranian and foreign companies, Iranian Deputy Oil Minister Abdolhossein Bayat told the Mehr News Agency on Monday.
“Most of these investment packages are related to downstream petrochemical industries,” Bayat said.
“Currently, technical, financial, and economic assessments of these investment packages are being conducted,” he added.
The Iranian deputy oil minister also said the signing of the contracts proves that the illegal sanctions imposed on the Islamic Republic of Iran by the United States and the European Union have had little influence on the petrochemical sector.
The illegal US-engineered sanctions against Iran were imposed based on the unfounded accusation that the Islamic Republic is pursuing non-civilian objectives in its nuclear energy program.
Iran rejects the allegations, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.
In addition, the IAEA has conducted numerous inspections of Iran's nuclear facilities but has never found any evidence showing that Iran's civilian nuclear program has been diverted to nuclear weapons production.
Iran has expanded the range and volume of its petrochemical production significantly over the past few years.