hossein-alimorad

NPC talks with investors continue despite sanctions: Official

SHANA – A senior official with the National Petrochemical Company (NPC) said the company’s talks with petrochemical investors were continuing despite US sanctions on Tehran.

Addressing a conference in Tehran, Hossein Alimorad, director of investment of NPC, unfolded the company’s plans in energy hubs of the country, saying that NPC  backed domestic manufacturers and parts suppliers.

He said 25 million cubic meters of natural gas per day was allocated to development of Qeshm Island to turn in into an energy hub, National Petrochemical Company (NPC) reported.

“So far, principal agreements have been achieved for four projects and an investment of at least 7 billion dollars by foreigners has been finalized in the petrochemical industry,” he said.

The official further underlined the need for accelerating investment in petrochemical projects, adding foreign companies, despite sanctions, were keen on bankrolling projects in Iran.

Alimorad went on to add that 56 projects were being developed in the petrochemical industry of Iran which would need $35b of investment.

Moreover, he added, the National Development Fund of Iran needed to be tapped for 28 billion dollars for financing the projects as 7 billion dollars were being supplied by investors in the projects.