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Iran, India start talks on petrochemical projects

Business Materials 4 April 2015 14:51 (UTC +04:00)

Baku, Azerbaijan, April 4

By Khalid Kazimov - Trend:

Iranian Deputy Oil Minister Abbas Sheri Moqaddam has said that the Oil Ministry has started talks with Indian companies for cooperation in the petrochemical section.

He said that the companies had recently announced readiness for joining Iranian petrochemical projects, Mehr news agency reported April 4.

The official noted that Iran's rich hydrocarbon resources are the country's main support behind its petrochemical industry, making the industry a lucrative source of investment for foreign companies.

Iran is the second-largest proved natural gas reserve holder in the world, behind Russia. Iran holds 17 percent of the world's proved natural gas reserves and more than one-third of OPEC's reserves. Iran's largest natural gas field, South Pars, is estimated to hold roughly 40 percent of Iran's gas reserves.

Also, proved oil reserves in Iran rank third largest in the world at approximately 150 billion barrels, making up 10 percent of the world's proved oil resources.

Sheri Moqaddam further stated that the prospects of Iran's petrochemical industry have grown more promising since positive results were reached during nuclear talks between Tehran and the P 5+1 (the US, UK, France, Russia, China, and Germany).

Iran and the six world powers, accompanied by the EU, reached a political framework for the ongoing nuclear talks on April 2.

The sides are to reach a comprehensive deal by July 1, in which Iran would restrict its nuclear program to some extend as demanded by the powers, and in return, the international sanctions on the Islamic Republic's economy would be lifted.

Right now, investing in Iran's petrochemical industry would have enough economic justification and good profit for private and international investors, Sheri Moqaddam asserted.

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