TEHRAN June 17(Shana)--The National Petrochemical Company (NPC) is involved in preparing new regulations which will facilitate investment in petrochemical sector, NPC�s chief Abbas Sheri Moqqadam said.

Speaking to Shana, he said in the near future NPC will send these new regulatory guidelines to related bodies including petroleum ministry for final approval.

He further said that NPC should take the responsibility of securing investment by private sector in petrochemical plants and opening foreign and domestic line of credits.

Sheri Moqqadam noted that under existing regulations Iranian investors are facing many problems with regard to opening line of credits in domestic banks because they should deposit at least 130 percent of their capital as pledge before the banks which discourage them from going ahead with investment in in the sector.

He continued if NPC to take petrochemical products which are going to be produced by under-construction petrochemical plants as a pledge for repayment of private sector�s loans to banks and in exchange for it gives assurances to banks for repayment; it will facilitate investment because Iranian banks will accept this kind of transactions.

According to him, 20 percent share of NPC in new and under-construction petrochemical plants is another factor that will facilitate and ensure advancement of these projects.

NPC�s chief said: for instance, urea and ammoniac projects in Kermanshah province by private sector did not make adequate progress unless NPC took part in the project, he concluded.

By SHANA