“The Chinese are to fund 21 projects of the industry’s 68 overdue projects while 20 more will be covered by the National Development Fund,” Hamid-Reza Rostami told reporters on Monday.
Iran’s petrochemical industry is in need of annual investment of 8 billion dollars, he added.
In a bid to attract a total investment of 50 billion dollars from Chinese financiers, Rostami said, a 10-billion-dollar quota was negotiated out of which 2 billion dollars have been allocated to Sabalan, Bushehr, Masjed Soleyman, and Lordegan projects.
In February, NIPC managing director, Abbas Shari-Moqaddam said some 18 petrochemical projects were introduced to China for financing, and four of them are being funded.
"Currently, Iran's petrochemical industry requires $30 billion in investment. Definitely, with the complete removal of Western sanctions, more European and Asian investors will be willing to take up investment opportunities in Iran," he added.
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