Renowned Austrian company ready to invest in Iran’s petrochemical industry

Oil&Gas Materials 19 July 2015 17:14 (UTC +04:00)

Baku, Azerbaijan, July 19

By Fatih Karimov - Trend:

A renowned Austrian company has announced readiness to invest in Iran's petrochemical industry, said Ali Mohammad Bassaqzadeh, production manager at the National Iranian Petrochemical Company.

The Austrian company has voiced interest to provide Iran with modern technologies in this industry, Iran's IRNA news agency quoted Bassaqzadeh as saying on July 19.

Last week, representatives of the company held talks with officials of the National Iranian Petrochemical Company, he said, without naming the Austrian company.

The Austrian company intends to implement projects in the EPCF (engineering, procurement, construction and finance) form, which will decrease implementation costs notably, he added.

In recent months, European companies have been negotiating with Iranian partners in the wake of nuclear deal between Iran and the P5+1 group of countries - the US, the UK, Germany, France, China, and Russia -over Tehran's nuclear program.

Some German and Dutch companies have provided licenses for Iranian petrochemical units.

Earlier this month, Abbas Sherimoqaddam, managing director of the National Iranian Petrochemical Company, said the country's petrochemical sector is ready to attract more foreign investment after Iran reached the conclusion of its nuclear talks with the P5+1 group of world powers.

"After the announcement of the Joint Comprehensive Plan of Action (JCPOA), foreign investors will rush to Iran for investment, especially targeting the country's oil and petrochemical industries," he said.

On April 18, Ahmad Mahdavi Abhari, secretary of the Association of Petrochemical Industry Corporations, said Iranian petrochemical industry is capable of attracting $70 billion in domestic and foreign investment.