60 petrochemical projects in Iran need $31 bln to complete
Baku, Azerbaijan, Feb.18
By Fatih Karimov - Trend:
Completing 60 semi-finished petrochemical projects in Iran requires $31 billion, the Mehr News Agency quoted Iranian deputy oil minister Abbas Sheri Moqaddam as saying on Feb. 17.
Studies show that $5 billion has been invested in the projects, he added.
The projects will add 55 million tons to the country's petrochemical output, he said, adding that some $74 billion is needed for the country's petrochemical industry in the next eight to ten years.
Foreign countries and especially India, African and the South American states, have lined up to buy Iranian petrochemical products after Iran and the six world powers reached a breakthrough deal on Tehran's nuclear program, Mehr News Agency reported on Nov. 25.
Chairman of the Association of Iranian Petrochemical Producers, Ahmad Mahdavi, told Mehr that lifting the sanctions on the country's petrochemical industry is welcomed, but there is no surplus of petrochemicals to be exported.
Demands for buying urea fertilizer and ammonium from Iran have increased, he noted.
The National Iranian Petrochemical Company has welcomed lifting international sanctions against the Iranian petrochemical industry after Iran and the six world powers reached a breakthrough deal early on Feb. 16.
The company has said in a statement that is ready to re-establish relations with other countries.
Edited by C.N.