SHANA - Iran is close to absorbing over 5 billion dollars in fresh investments by three European majors in the near future.

Iran's National Petrochemical Company (NPC) has devised policies to absorb fresh investments in petrochemical projects by leading domestic and international companies in the wake of the Joint Comprehensive Plan of Action (JCPOA) implementation.

Iran's outstanding investment security and advantages in petrochemical sector including abundant feedstock supply and skilled domestic labor entice foreign investors into considering serious presence in? the OPEC member's petrochemical sector.

Hossein Alimorad, director of investment at NPC, says talks are under way with many international energy majors for concluding investment of over 5 billion dollars in petrochemical projects in Iran.

He said NPC has so far signed over $10b worth of memoranda of understanding (MoUs) with leading foreign developers from Asia and Europe for completing petrochemical projects.