28 April 2018 - 17:32
  • News ID: 282408
Iran Eyes FDI to develop Petchem Sector

TEHRAN (Shana) – Iran says it is ready to absorb foreign investment to develop its petrochemical industry, an official said.

Speaking on the sidelines of a conference on Iran's petrochemical industry in Paris, Reza Norouzzadeh, CEO of the National Petrochemical Company (NPC), said that implementation of current and future projects of the Iranian petrochemical industry requires around $100 billion in fresh investment; "therefore, we are committed and ready for any cooperation and partnership with investors."

"In the field of local manufacturing in terms of technical savvy, technology, manufacturing of parts and items etc., vast potentialities in this industry, especially in Arak, Isfahan, Shiraz and Mahshahr, have been created. Currently, many of the equipment and catalysts needed in the industry are supplied from the domestic market," he said, according to NIPNA.

The official, who is also deputy petroleum minister for petrochemical affairs, further touched on the value of Iran's petrochemical exports and the industry's production plan in the future.

"Today, the value of Iran's petrochemical exports is around $14 billion, which is estimated to reach $50 billion by the end of the sixth development plan (to 2022) with 100 million tons of annual petrochemical output in the country," he said.

"The industry is at a very good state in Iran given the existence of infrastructure, skilled human resources, knowledge and technology of manufacturing equipment and can compete with foreign companies," said Mr. Norouzzadeh.

The two-day conference opened in Paris on April 26.
News ID 282408

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