Petchem projects in Iran need $77b finance by 2020: NPC official

TEHRAN-Director of Production Control in Iran’s National Petrochemical Company (NPC) Alimohammad Bossaqzadeh said that domestic petrochemical industry requires attracting $77 billion of finance by 2020.

Bossaqzadeh noted that the undergoing projects in this sector worth from $100 million to several billion dollars but they cannot be financed domestically, the ISNA news agency reported on Sunday.

“Foreign investors have voiced readiness to back completion of petrochemical projects in Iran and related negotiations are taking place,” he added.

According to the NPC director, the Iranian government prefers to attract the foreign finance in form of investments and via making joint venture with Iranian partners.

The Islamic Republic drew up 30 new petrochemical projects to be implemented in the post-sanctions time, Marzieh Shahdaie, the managing director of NPC, said in an exclusive interview with the Tehran Times in January.

Questioned about the status of Iran’s petrochemical sector for the attraction of foreign investment in the post-sanctions time, Shahdaie answered that foreign companies mainly from Europe and East Asia are seeking to make investment in the implementation of Iranian petrochemical projects now that the sanctions are being removed against the country.

She mentioned Iran’s huge reserves of energy, its strategic location as well as domestic capabilities and expert manpower as the country’s advantages for the attraction of foreign investment.

By Tehran Times