China to invest in Iran’s petrochemical catalysts project

Business Materials 6 November 2016 15:03 (UTC +04:00)

Baku, Azerbaijan, Nov. 6

By Fatih Karimov – Trend

A Chinese company has expressed readiness to invest in Iran’s petrochemical catalysts project, Majid-Reza Hariri, deputy head of Iran-China Joint Chamber, said.

The company has proposed a $400 million investment offer for production of petrochemical catalysts, Hariri said, SHANA news agency reported Nov. 6.

He also noted that China is the main and best market of the Iranian petrochemical products, adding that Chinese companies want to participate in various sectors of Iran’s petrochemical industry.

Based on a document signed between Iran and China, the bilateral trade turnover between the two countries is expected to reach $60 billion in the next 10 years, Hariri said.

Iran produced 46.4 million tons of petrochemicals during the last fiscal year (ended March 20), but for the current year, the figure is planned to reach 54.7 million tons.

The country’s actual petrochemical output capacity is around 63 million tons per year.

Iran hopes to bring the capacity to 120 million tons by 2020 and 160 million tons by 2025.