FARS News Agency cited Hosseini as saying that the country would receive the finance from the National Development Fund (NDF).

"Investment in this sector has relative advantage due to the exports aspects of petrochemicals," Hosseini added.

The NDF’s balance is at $40bln, Hosseini said adding that industry and agriculture will use $2.8bln.

The Office of Vice-President for Science and Technology and upstream oil sector will be allocated with $200m and $7b respectively.

Recently, Russia and signed a memorandum of minutes (MOM) with Iran whereby Russia will invest in in gas plans and implementation of infrastructural projects in Iran, Iranian Deputy Oil Minister Hamid Reza Araqi said.