Iran eyes $10B foreign investment in petrochemicals

Business Materials 26 April 2017 21:00 (UTC +04:00)

Baku, Azerbaijan, Apr.26

By Dalga Khatinoglu – Trend:

Iran expects attracting $10 billion foreign investment in petrochemical projects in near future, Iran's Deputy Oil Minister for International Affairs and Commerce Amir-Hossein Zamani-Nia said Apr.26.

According to him, the current fiscal year would be milestone year in Iran’s petrochemical sector, Shana reported.

Iran plans to inaugurate 7 petrochemical plants during the current fiscal year, started March 21.

The country would inaugurate 23 plants next fiscal year and further 34 plants by 2021.

For completion of the current petrochemical plants, some $20 billion and for 34 new projects, some $35 billion investment is needed to increase the current 62 million tons per year nominal production capacity to 150 mn mt/yr by 2025.

Zamani-Nia said that the total foreign investment in Iran’s oil, gas, petrochemical sectors is expected to reach $50-80 billion in coming years.

Before he announced June 1 that Iran plans to attract $185 billion worth investments (foreign and domestic) for the upstream and downstream oil and gas projects (including petrochemical plants) in the next five years.

He said the newly designed oil contract, called the Iran Petroleum Contract (IPC), is not the only way for attracting foreign investments.

Zamani-Nia said $85 billion are planned to be invested in the upstream oil sector.

Iran introduced 49 oil and gas fields to foreign investors based on the IPC.

Earlier, Iran's Oil Minister Bijan Namdar Zanganeh said about $20-$30 billion foreign investments are expected to be attracted based on the IPC in the coming years.