Baku, Azerbaijan, Apr.13
By Fatih Karimov - Trend: Chinese finance will help build 18 petrochemical plants in Iran, National Iranian Petrochemical Company's Managing Director Abbas Sheri Moqaddam said.
A line of credit has been opened for building four petrochemical plants, namely the Masjed Soleiman plant, the Sabalan plant, the Lordegan plant, and the Bushehr plant, Iran's Mehr news agency quoted Sheri Moqaddam as saying on April 13.
Currently, some $30 billion of investment opportunities in Iran's petrochemical sector have been identified, which will certainly be welcomed by European and Asian investors if the sanctions against the country are lifted, he added.
In October 2014, Sheri Moqaddam said Chinese financiers will invest in Iran's five petrochemical projects, which are facing budget deficit, to speed up their implementation.
He added that Iran needs $31 billion to inaugurate 60 semi-finished petrochemical projects.
Once the projects come on stream, they will increase the country's annual petrochemical output by 55 million metric tons, he said, adding that $74 billion is needed to expand the national petrochemical industry in the next 8-10 years.
Edited by CN