TEHRAN, Dec. 13 (Shana) – Managing Director of National Petrochemical Company (NPC) said Iran welcomes foreign investment in the industry as European companies have shown more interest than other countries in Iran’s petchem projects.
“Considering Iran’s appropriate infrastructure and plenty feedstock in the petrochemical industry, foreign investors are interested to invest in our country’s petrochemical projects,” he told reporters after opening the 12th Iran Petrochemical Forum (IPF2015) here on Sunday.
“The conference has provided an apt opportunity to introduce development projects in Iran’s petrochemical industry to foreign investors,” he said, adding, “We hope to attract new investments as there have been numerous proposals in this regard.”
“We expect that with finalization of pricing for feedstock in near future, the foreign investment process can be expedited,” said NPC’s CEO.
Minister of Petroleum Bijan Zangeneh said at the opening of the conference that Iran is planning a giant leap in its petrochemical industry following lifting of sanction so that it can secure the targets set by the country’s Twenty-Year Outlook.
“Value of Iran’s petrochemical products is planned to increase to 70 billion dollars, a target which, nevertheless, requires massive investment, modern technology, and marketing,” he added.
Some 97 foreign companies from 25 countries participated in IPF 2015 which shows an increase of 120 percent compared to IPF 2014.
More than 15,00 representatives from domestic and foreign firms including Australia, Azerbaijan, Canada, Denmark, France, Germany, Japan, the Netherland, Russia, and US are taking part in the event.
Participants in the IPF2015, one of the world’s most prestigious events representing the petrochemical industry, will discuss the core issues that the industry is facing with the emphasis given to Iran.
It provides an ideal platform where stakeholders and key players in the global petrochemical sector meet to exchange knowledge and address the latest advancements and best practices which are capable of shaping the future of the industry.
Following the historic nuclear agreement, Iran is also using the event to unveil its post-sanctions projects and plans for further expanding the Iranian petrochemical output capacity from the current 60 million t/y to over 138 million t/y in 2020 and eventually to 180 million t/y by 2025 with an investment of over $80 bn.
NPC seeks to use Iran’s natural gas reserves as raw material to produce propylene and propylene derivatives to provide feed for the expansion of local downstream industries.