24 August 2014 - 13:46
  • News Code: 223378
Foreigners Keen to Invest in Iran Petchem Sector

TEHRAN August 24 (Shana)--Foreign investors are interested in financing petrochemical projects in Iran, the head of National Petrochemical Company has said.

Abbas Sheri-Moqaddam said that Iran has to set a competitive feedstock price, create infrastructure and clarify the law about foreign investment in order to attract foreigners.
“As long as these three cases are not taken into consideration, a foreign investor will not come to Iran because he does not find the future of his investment guaranteed,” he said.
Sheri-Moqaddam said even the lifting of international sanctions against Iran would not be effective as far as investment risks are not cut.
He said partial sanctions relief following agreement between Iran and six world powers have so far failed to cushion the impact of international sanctions on the petrochemical industry.
“What is important in exports is the transfer of revenues from selling products. Unfortunately, sanctions continue to cause obstacle,” he said.
“The sanctions on the petrochemical industry have apparently been lifted, but in practice, this industry remains under sanctions due to the difficulty of transfer of money into the country,” he added.
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 223378

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