No obstacle to investment in Iran petrochemical industry: Qasemi

An Iranian petrochemical installation

Iranian Oil Minister Rostam Qasemi has downplayed the West’s sanctions against Iran’s petrochemical industry, saying there is no obstacle to investment in this field.

Speaking at the 10th Iran Petrochemical Forum (IPF) in Tehran on Monday, Qasemi said Iran’s Oil Ministry will support foreign investors in they invest in the country.

He invited all foreign and domestic investors to invest in Iran’s petrochemical industry.

“We will guarantee the profitability of investment in the petrochemical industry for domestic and foreign investors,” the Iranian oil minister pointed out.

He added that Iran’s petrochemical industry meets domestic needs and has an active presence in international markets.

Iran currently exports petrochemical products to 40 countries, Qasemi noted.

He said Iran would undoubtedly change the path of sanctions to meet basic needs of other countries and expressed hope that the country would have a more active presence in international markets.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors.

The sanctions, which prevent EU member states from purchasing Iranian oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1, 2012.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegation, arguing that as a committed signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.

By Press TV


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