SHANA -- The CEO of the National Petrochemical Company (NPC) says Iran's petrochemical industry has the capacity to absorb over 100 billion dollars in fresh investment.

Speaking on Wednesday, Reza Norouzzadeh said that over 60 billion dollars had already been invested in the sector so far, adding the Rouhani administration was highly focused on the development the petrochemical industry in order to boost the country's non-oil exports, NIPNA reported.

The official said several petrochemical plants faced feedstock shortages but NPC was exerting efforts to solve their problems.

Iran has privatized its petrochemical industry which disallows state companies to directly invest in projects in the sector. NPC as the regulatory body of the industry, is tasked with monitoring the sector and assisting the private sector in development of the projects.