Iran needs investments to build an oil terminal in the Persian Gulf port of Jask, south of the country, an Iranian energy official was quoted as saying by a local information network on Saturday.

The project will be carried out with the aim of storing 10 million barrels of light, heavy and ultra-heavy crude oil produced in Iran's West Karoun region, Sharif Razi said, according to Iran's Petro Energy Information Network (SHANA).

To complete the project, Iran invites local and foreign investors to contribute to the project, he said without further elaboration.

On Tuesday, Iran's First Vice President Es'haq Jahangiri invited foreign investors to get engaged in developing projects in the country's petrochemical sector.

Development of downstream industries in Lorestan province, in western Iran, is an opportunity that can change the region to one of the industrial hubs, Jahangiri said.

Also, Iran is ready to win the regional market of petroleum industrial equipment in the near future and aims to become a leading regional producer of the equipment, Mohammamd Reza Moqaddam, deputy petroleum minister in research and technology affairs, said on Saturday.

Iranian President Hassan Rouhani's Administration is eager to attract foreign investments for gas, oil and petrochemical development.

The 21st Iran International Exhibition of Oil, Gas, Refining and Petrochemicals, which started here on Thursday, will run until Sunday at Tehran's permanent fairgrounds.

Nearly 2,000 exhibiting companies from 38 countries have put their latest oil and gas achievements on public display at the showcase.