Iran planning to attract $70 bln investment in petrochemical sector

Moscow. December 15. Iran planning to triple the volume of production of petrochemical products in the next 10 years, submitted about 60 projects in this area for consideration by potential investors, including the largest world oil company BASF SE, reports Bloomberg.

The Iranian government expects that after the withdrawal of the state from international sanctions it will be able to attract the petrochemical industry to private investment totaling about $70 billion, said Vice-President of the National Petrochemical Mohammed Hassan, Peyvandi during the meeting in Tehran meeting with international companies.

According to him, the authorities of the country by the year 2025 plan to increase capacity for petrochemical production to 180 million tons per year from the current 60 million tons per year. The country intends to export about half of our output.

“The criterion for choice of a foreign partner will be its ability to bring technical know-how, said Peivandi. – For us it would be great if investors could provide capital and technology.”

According to Paivandi, foreign investors who want to participate in the development of the petrochemical industry of Iran, it is necessary to create partnerships with local companies.

Among the companies that participated in the meeting, in addition to BASF, Siemens and Linde.