Nuclear deal to reinvigorate Iran ’s petrochemical industry

Business Materials 15 July 2015 13:52 (UTC +04:00)

Baku, Azerbaijan, July 15

By Fatih Karimov - Trend: Officials of the Iranian petrochemical industry say the nuclear deal with world powers will reinvigorate the country's petrochemical industry.

Mohammad Hassan Peyvandi, the deputy director of National Iranian Petrochemical Company, said holding a conference jointly by Iran and the European Union in the next week can be the first step to boost economic ties with the EU after lifting of the sanctions, Iran's Shana news agency reported July 15.

The Iran-EU Conference 2015 on trade and investment will be held in Vienna on July 23-24.

Meanwhile, Marzieh Shahdaee, the director of the National Iranian Petrochemical Company's plans, said many of petrochemical plans in Iran have remained incomplete due to the lack of foreign finance and technology. The nuclear agreement can boost the security of foreign investment and can enhance the private sectors participation in the country's petrochemical projects, she added.

Ali Mohammad Bassaqzadeh, National Iranian Petrochemical Company's production manager, said after the nuclear agreement, Iran will export petrochemical products not only to Asian and African countries, but to European countries, as well.

By exporting petrochemical products to Europe, prices of Iranian petrochemicals will increase in the global market, he added.

A final agreement was reached on Iran's disputed nuclear program in the Austrian city of Vienna on July 14 after some 22 months of talks between Iran and the P5+1 (five permanent members of the UN Security Council plus Germany).

Ahmad Mahdavi, secretary of the association of Iranian petrochemical industry corporations, said July 13 that Iran has prepared a special plan to export petrochemical products to North America, and even to the US, once sanctions against the Islamic Republic are lifted.

Exporting petrochemical products to South America and Africa is also on the agenda, he added.

Iran plans to triple its petrochemical output in the next 10 years. The country's petrochemical output will be increased to 180 million metric tons if the required financial resources are provided.

Edited by CN