Petchem development impossible without tapping FDI: Official

Shana — The managing director of a major oil, gas and petrochemical investment company says without foreign direct investments (FDI), implementation of major petrochemical and energy projects in Iran would be impossible.

According to IRNA, Mohammad Hassan Peyvandi, managing director of Tamin Petroleum & Petrochemical Investment Company (TAPPICO), underlined the necessity of developing oil and petrochemical industries of the country by tapping foreign finances, adding without FDIs major projects cannot be carried out easily.

He said under the sanctions, the country was inclined towards domestic manufacturing and enhancing industrial capabilities of local companies which resulted in emergence of top-level engineering and manufacturing companies inside the country.

As a result, various projects at the supergiant South Pars Gas Field, a field Iran shares with Qatar in Persian Gulf waters, were developed mostly by domestic developers, he added.

“Today, there are many able companies and contractors that need FDIs in order to activate their potentialities,” he added.
Petvandi said foreign finances must be injected to the projects so that they would start, generating new jobs in the country.