ArabianOilandGas.com- Iran is planning to absorb finances for construction of 70 petrochemical projects at Mahshahr Special Economic Petrochemical Zone (PETZONE) in the southwestern province of Khuzestan.

Speaking on the sidelines of the Iran International Oil, Gas, Refining and Petrochemical Exhibition 2017, Omid Shahidi Nia, managing director, PETZONE, said Mahshahr Special Economic Petrochemical Zone is prepared to endorse investors of the projects in the area, saying 70 projects have been pitched for investment in the region.

�There are massive potentialities in the region and we are optimistic we will be able to absorb the required finances for developing projects in the PETZONE,� Shahidi Nia said.

Feasibility and technical assessments of the projects are almost complete and several proposals for developing the projects have so far been submitted to the PETZONE, Shahidi Nia added. He also said that they have held good talks with potential investors in this regard.

Mahshahr is the second petrochemical hub in Iran and supplies a little less than half of the country�s annual petrochemical output.

Over 4,000 companies from Iran and 37 countries of the world put their latest industrial achievements on display at the exhibition.