Industry Overview: Oil is Iran’s major industry. Iran is the 7th largest producer of crude oil in the world. Iran’s definite crude oil reserves are appraised at 158 billion barrels, which is 10% of the world’s reserves. Iran also has 1,201 trillion cubic feet of natural gas reserves, comprising 22% of the world’s reserves. Iran’s gas and oil products are mostly gasoline, gas oil, fuel oil, liquid gas, kerosene and naphtha. Clearly showing that Iran has the capability of producing chemical products. The existence of crude oil reserves, access to open waters as well as an existing framework for transportation and export, suggest excellent opportunities for this industry in Iran.