Alireza Sediqi Zadeh told a press conference on Monday that the project is the only supplier of Toluene diisocyanate (TDI) in Iran and the Middle East whose first phase came online in January.
TDI is an organic compound with the formula CH3C6H3(NCO)2. It is used for production of sponges used in cars.
The plant exports its TDI output to countries like Italy, Turkey, India, Azerbaijan, Pakistan, Germany, Greece, Russia, Peru, as well as a number of African countries like Nigeria.
Construction of phase II of the project will need $350m of investment.
The plant has operated at 111% of it s nameplate capacity in the first half of the current Iranian calendar year which began on March 20, the official added.
Sediqi Zadeh also said that sustainable supply of MDI will start in the H1 of the next calendar year after phase II of the plant comes online during the Fajr Decade.