Turkey to invest $6 B in Iran’s petchem project
Baku, Azerbaijan, Nov. 30
By Fatih Karimov- Trend:
Turkish companies are interested in fully financing a petrochemical plant project in Maku Free Trade Zone, located in northwest of Iran, Hossein Forouzan, the zone's managing director said.
Some $6 billion is estimated to be invested in the project by Turkish companies, Forouzan said, the oil ministry's Shana news agency reported Nov. 30.
The Turkish side wants to hold 100 percent of the investment share, he added.
He expressed hope that foreign investors will finance various industrial projects including petrochemical ones in the zone.
Located near the Iran's border with Turkey, the zone has various advantages for Turkish investors such as low transport costs and easy access to the regional markets, Forouzan said.
Last month Forouzan said negotiations are being held with Ukrainian and German companies to invest in petrochemical projects in the free zone.
"Petrochemical projects are a priority for investment in the zone," he said adding that infrastructure projects are also inviting investors.
Foruzan cited copious water resources and feedstock supply as major the zone's advantages which justify investment in petrochemical industry.
Last year the official called on the Azerbaijani and Turkish businessmen to invest in the free zone's development.
"Investments in the free economic area benefit both to Iran and Azerbaijan. Maku has all the conditions for making investments," he said, adding that the export of goods produced in the free economic area is exempt from customs duties.
"The Maku free economic area, in particular, produces furniture and clothing. A preferential taxation for 20 years is used with regard to the enterprises working in the free economic area," Forouzan added.