"Our assessment is sanctions have not had an impact in the petrochemical sector, and the reason is because of (Iran) possessing gas that gives us a special advantage in the region," said Gholamhossein Nejabat, who also heads the state-owned National Petrochemical Co.

Nejabat said Sunday NPC plans to invest some $13 billion in the energy sector as part of a national five-year development plan, the Fars News Agency reported.

Iranian energy officials said industry leaders are making plans to increase national petrochemical production from 24 million tons to 35 million tons by March 2009.

The deputy minister said Iran signed a variety of joint oil and gas contracts worth $4.5 billion with firms in Indonesia, India, Oman and Venezuela.

The Norwegian energy firm StatoilHydro said it was looking into extended investment opportunities in the Iranian oil and gas sector as well.

"We seek a long-term presence in Iran, since Iran possesses massive oil and gas reserves, but at present we are focusing on StatoilHydro's three current projects and we are ready to mull over new investments," said Jan Helge Skogen, the firm's Iranian director.