TEHRAN, May 15 (Shana) -- A senior petrochemical official said the National Petrochemical Company (NPC) fully backs cession of Damavand Petrochemical Plant to private developers.

Speaking to Shana, Marziyeh Shahdaei, who heads NPC, said the large amount of investment needed for funding the project is one of the reasons that project has not yet been sold out to private parties.

"Those petrochemical plants that are planned to be fed by the project have voiced dissatisfaction with the high price of its stocks," said Shahdaei, deputy petroleum minister in petrochemical affairs.

A consortium of three state-run and private Iranian banks will fund development projects at Damavand Petrochemical Plant.

Mellat, Tejarat and San'at va Madan banks have formed a consortium to financially support petrochemical projects at the plant to boost the country's industry and enhance its outcome.

Damavand Petrochemical Plant is a chief provider of utilities (water, electricity, oxygen, nitrogen, steam, natural gas and pressed air) in Iran and plans to expand its activities.

It is fed by the gas supplied from the supergiant South Pars gas field.

By SHANA