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Iran needs to attract investments of about $55 billion to develop its thriving petrochemical sector. said Deputy Oil Minister. Marzieh Shahdaei.
She said we hope to attain the 150-million-ton production capacity within 10 years. We need nearly $55 billion in investment in the petrochemical industry to implement new projects and expand output capacity.
We need $20 billion in investment. to complete ongoing petrochemical projects. she added.
Shahdaei. who heads National Petrochemical Company (NPC). said drawing foreign investment to expand the petrochemical sector is on top of the Oil Ministry`s agenda.
Iran sits on the world`s fourth-largest oil and second-largest gas reserves.
Tehran has already unveiled plans to become the leading producer of petrochemicals in the Middle East by significantly expanding the range and volume of its petrochemical output.
Iran exported petrochemical products valued at about $7.3 billion in the eight months to November 20. 2016.
The country sold more than 10 million tons of petrochemical products in Asian markets during the aforementioned period.
The installed capacity of Iran`s petrochemical industry has reached about 63 million tons and is projected to rise to 130 million tons by 2020.
Iran has increased petrochemical exports following the implementation of last year`s nuclear deal with the five permanent members of the United Nations Security Council — the United States. Britain. France. China and Russia — plus Germany.
The implementation of the agreement. known as the Joint Comprehensive Plan of Action (JCPOA). has already eased nuclear-related financial sanctions on Iran.
