SHANA � Iranian Minister of Petroleum Bijan Zangeneh said there were opportunities to invest by up to 40 billion dollars in the country�s petrochemical industry.

Addressing a conference on financing petroleum projects on Saturday, the official said the country expected to launch petrochemical projects valued at a total of $30b by the next 5 years, adding $10 to $12 billion in sideline projects had been defined in the sector.

He said the projects �financiers were able to bankroll them but it would be better if the finances could be procured from small capital in the society.

Zangeneh said none of the projects devised to be built in Iran by 2024 were behind the schedule, adding plans for nearly $12b of petrochemical projects had been finalized in the country but their development had not begun yet.

The official further said that with $20b of investment petro-refining projects would also be completed in the country, adding all the investment would be carried out by private companies in the petrochemical and petro-refining projects, and only a small part of the projects would be financed by semi-state companies.