Austrian, German banks eye $25M investment in Iran

Business Materials 31 October 2016 15:12 (UTC +04:00)

Baku, Azerbaijan, Oct. 31

By Khalid Kazimov – Trend:

Austrian and German banks are ready to put $25 million in investment in Iranian petrochemical industry’s downstream sector, a trade official said.

The head of Iran-Germany joint chamber of commerce, Omid Yaraqi, said the European banks eye investing in the petrochemical industry’s downstream sector as well as making equipment and machinery employed in processing plastics, IRNA news agency reported Oct. 31.

Yaraqi added that the Germany-based ThyssenKrupp AG and Denmark’s Haldor Topsoe inked deals on the sidelines of a trade fair for plastics and rubber held late October in Germany’s Düsseldorf.

According to the official, ThyssenKrupp AG announced readiness for cooperation in Iran’s PVC projects.

Iran’s current capacity for producing petrochemical goods stands at 63 million tons, which is projected to hit 130 million tons by 2025.