TEHRAN, Oct 18 (Shana) � Deputy Managing Director of Total Co. Serge Lorek says Iran's capacity in production of petrochemical products places it third worldwide.

Lorek told the 2nd Iranian Petroleum and Energy Club Congress & Exhibition (IEPC 2016) in Tehran on Tuesday that Iran now reserves the 8th rank in production of petrochemical products.

He said extensive oil and gas resources, high technical know-how and educated workforce are capacities of Iran for growth and development.

"Iran is now a major petrochemical producer," he added.

He said successful management of the oil, gas, petrochemical and refining projects by Iranian engineers at the time of sanctions testifies high power of Iranian companies.

The official said development of the upstream reserves is a necessity for Iranian oil industry.

He emphasized competitive market for Iranian petrochemical feedstock.

He noted that access to the world's latest technology, financing and lowering cost are among other exigencies of Iranian oil industry.

By SHANA