Tehran, Iran, Aug. 21
By Mehdi Sepahvand -- Trend:
Iran is trying to regain its place in the European petrochemical market after being replaced by several other companies when the country was under international sanctions, CEO of the Iranian Petrochemical Trade Company Mehdi Sharifi Niknafs said.
"We are trying to receive dedicated shares and enter the European market in a preferential fashion," he added, Shana news agency reported August 21.
"As sanctions are lifted, the gates of the European market will open to us and petrochemical cargos from Iran will flood there."
However, he noted that Iran will have a hard time doing so since big companies have replaced it in the European market when Iran was absent there.
Under sanctions, Iran was banned from international business for many years, the oil, gas, and petrochemical industries being among the areas that suffered the most.
Through a comprehensive deal reached on July 14, the sanctions will be lifted and Iran is trying to regain its former place.
"We are trying to regain our previous place in the European market and like the past cover 30 percent of that market," he further sad.
Iran says that for the next five years, it needs $185 billion investment in its oil and gas sectors.
The country has also said that it will need an investment of $70 billion in its petrochemical industry.
Edited by CN