The National Petrochemical Company (NPC) (Persian: شرکت ملی صنایع پتروشیمی, Shirkat-e Mili-ye Sânai'-ye Petrushimiy), a subsidiary to the Iranian Petroleum Ministry, is owned by the government of the Islamic Republic of Iran.

Two special economic zones on the northern coast of the Persian Gulf have been developed to be home to the NPC's new project.

These two zones enjoy a good access to feedstock, infrastructural facilities, local and international markets and skilled manpower.

[citation needed] The Fourth Five-Year Plan (2005–10) calls for a fourfold expansion of petrochemical output, to 56 million tons per year.

[5][6] Iran had surpassed a production of 5 million tons of hydrocarbon energy, worth billions to the Iranian economy and employing tens of thousands of domestic and foreign workers.

[9][10][11][12] The largest petrochemical and fertilizer plant in the world, a joint venture between the government of Iran and Japanese conglomerate Mitsui was to be constructed in the city of Bandar e-Shahpur, alongside the Persian Gulf.

[15] Due to getting involved in Iran–Iraq War, Iran oil industry development experienced the lowest growth rate from 1979 till 1989.

[23] Business Monitor International (BMI) estimates that in 2009, Iranian petrochemicals exports will be around $7.9 billion, 32 percent above the previous year.

Iran hopes to implement 47 new petrochemical projects by the end of the Fifth Five-Year Economic Development Plan in 2015 at a cost of $25 billion, adding a total of 43 million tons per annum (tpa) to the capacity.

However, the 16th olefins and methanol complex is already being constructed by Bushehr Petrochemical Company as part of phase two of the Pars SEZ at Assaluyeh.

[32] As of 2012, self-sufficiency in manufacturing and repairing rotating equipment and providing catalysts are the main challenges of the petrochemical industry in Iran.

[36] For several years, Iranian petrochemical companies have enjoyed significant discounts from the government on their natural gas feedstock, in comparison to global prices.

According to the 2010 Iranian Economic Reform Plan, by 2015, petrochemical companies, which use natural gas as their feedstock (rather than fuel), will pay no more than 65% of the average export price (rather than 75% charged to the general population) for a period of 10 years.

The availability of a highly trained but inexpensive work-force, cheap feedstocks and a sizable internal market, will also work in Iran's favor, to attract foreign investment.