Iran to invest $5.5 billion in petroleum industry

Iran plans to invest about $5.5 billion in the oil and gas industry, Vice President Mohammad Reza Rahimi said, Trend reports.

The Petroleum Ministry will speed up development of the Ilam petroleum complex. The first stage of the complex was planned to be completed in December 2012. The project was launched in 2005. About $650 million and 1 trillion rials were invested in the project.

The industrial complex will produce 318,000 tons of ethylene and 300,000 polyethylene annually.