Abbas Sheri Moqaddam

German firms bid €12bn for financing Iran petchem sector

TEHRAN, Dec. 28 (Shana) – Iran says German firms have proposed deals worth over 12 billion euros for financing petrochemical projects in the country.

“Two leading German companies have indicated their interest to bankroll petrochemical projects as much as €12bn in Iran in the post-sanctions era,” said Abbas Shari-Moqaddam, managing director if National Petrochemical Company (NPC).

“Given the recent international developments, we are hosting meetings with high-profile delegations in Iran’s petrochemical industry,” he said

Speaking on the sidelines of the 51st anniversary of NPC’s formation, Shari-Moqaddam, who is also deputy petroleum minister in petrochemical affairs, said foreign companies were scared of the sanctions for entering Iran’s petrochemical sector, but now, “the recent international developments have paved the way for their presence in Iran.”
He said the continuing oil price slump in global markets will impact the petrochemical sector as well but in an indirect manner.

By SHANA