20 August 2014 - 13:02
  • News Code: 223176
China to Finance 2-billion-euro Iran Petchem Projects

TEHRAN August 20 (Shana)--China is to invest two billion euros in new petrochemical projects in Iran, the head of National Petrochemical Company said.

Abbas Sheri-Moqaddam said China is to invest a total of 10 billion euros in Iran’s petrochemical projects, adding that so far two-billion-euro projects have been finalized.
He said that China faces guarantee obstacles in financing petrochemical projects in Iran.
Sheri-Moqaddam said recently Iran’s petrochemical production will reach 180 million tons a year once new projects have become operational.
He said that Iran’s petrochemical plants are currently producing 40 million tons of petrochemicals a year, below their 60-million-ton production capacity.
Sheri-Moqaddam said 36 new petrochemical projects, waiting for investment, will add 60 million tons to Iran’s petrochemical production.
Iran Petrochemical Commercial Company (IPCC) exported 838 million dollars worth of petrochemicals during the first four months of the current calendar year which started on March 21.
The exported products, weighing 831,000 tons, mainly included propane and butane.
Iran produced 40 million tons of petrochemicals in the last calendar year, with 9 billion dollars worth of its products being exported.
The country plans to increase its petrochemical exports to 12 billion dollars this year.
News Code 223176

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