He added that it is a milestone accomplishment for Iran to finish such a big project despite US sanctions, reported Fars News Agency.

The official said that the project would bring about many positive impacts on the region’s economy, adding the plant had created over 2,000 direct jobs.

The National Development Fund of Iran was to be tapped for funding Lordegan Petrochemical Plant.

In October, the National Petrochemical Company (NPC) of Iran announced in a statement that the diversity of petrochemicals produced in Iran is expected to be enhanced by 2025 as the country is planning to realize the sector’s second and third leaps by 2025.

The first leap of the industry took place in 2011 while the second and third leaps are planned to be realized by 2021 and 2025, respectively.

Furthermore, NPC considered feedstock supply to the plants as a priority, adding that the leaps would allow domestic production of key petrochemical items in the country.

“NPC, besides managing feedstock supply to petrochemical plants, concerns value-chain completion and curbing crude oil and gas sales while taking steps to diversify the petrochemical production mix of the country,” the statement added.