TEHRAN, Dec. 21 (Shana) � Director of investment in Iran�s National Petrochemical Company (NPC)said the National Development Fund has allocated the sum of 6 billion dollars for petrochemical and refinery projects.

�Financing of projects from the fund will be expedited after SWIFT is back,� Amir Hassan Fallah told Shana.
He said Japanese, South Korean, and European firms are interested in investing in Iran�s petrochemical projects in the post-sanctions era, he added, �With the opening in political atmosphere, major European companies will be also interested in downstream products.�

�In the Sixth Development Plan, there are some 36 (petrochemical) projects and 15 of them are marked with priority implementation.�
According to the official, following complete removal of the sanctions on banking, insurance, and transport, the petrochemical industry will experience a massive transformation.

�The industry is so vast that even the countries that imposed the sanctions are in dire need to the petrochemical products,� he said adding, �It limits effects of sanctions in the industry.�
�Iran�s petrochemical industry needs an annual investment of 10 billion dollars which can�t be funded by domestic banks,� Fallah said.

�Therefore, the industry requires foreign capital and technology to develop,� the NPC director said.

By SHANA