Tehran to host international petrochemical forum

Baku, Azerbaijan, Dec. 1

By Fatih Karimov- Trend:

Iranian capital city of Tehran will host an international petrochemical forum this month, the official IRNA news agency reported Dec. 1.

The event dubbed Iran Petrochemical Forum (IPF) will be held Dec. 13-14, bringing together 137 foreign experts.

The two-day forum aimed at introducing investment opportunities in Iran's petrochemical industry.

The move comes following a two-day conference held Nov 28-29, in which Iran proposed its new model of oil and gas contracts called Iran's Petroleum Contracts (IPC).

During the conference aimed at luring foreign investment to develop the country's ageing petroleum industry petroleum Ministry offered about 50 oil and gas projects to be developed by foreign countries and the participation of local partners.

Mohammad Hassan Peyvandi, deputy managing director of National Petrochemical Company (NPC) said that the conference is scheduled to present the investment opportunities in the petrochemical industry, attracting foreign investment to the industry in the post-sanctions period.

Iran expects the sanctions to be lifted at the first of coming year, as it is adhering to the terms of a July nuclear deal clinched between Tehran and the World's six major powers.

Iran's petrochemical output hit 44.4 million tons in the past Iranian fiscal year (ended onMarch 20), 10 percent more year-on-year.

The country's actual production capacity is around 60 million tons, but the shortage of natural gas as feedstock, old production units, and the problem of sanctions, which has dropped exports, have caused petrochemical complexes to work at lower capacities.

Iranian petrochemical plants use 37 million cubic meters of natural gas per day, while Irancould deliver only 2.8 million tons of ethane to plants during last year totally. The country planned to increase this volume to 4.2 million tons in current fiscal year.

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