German companies keen to invest in Iran’s petrochemical industry

German companies keen to invest in Iran’s petrochemical industry

Baku, Azerbaijan, Dec. 13

By Khalid Kazimov - Trend:

Abbas Sheri Moqaddam, an Iranian deputy oil minister, has welcomed foreign investors to participate in petrochemical projects in Iran.

He added that compared to other countries, European countries particularly German companies are more eager to invest in Iran's petrochemical projects, SHANA news agency reported Dec. 13.

He made the remarks on the sidelines of the 12th Iran Petrochemical Forum (IPF 2015) opened in Tehran on December 13.

He said that the two-day forum created a proper chance for foreign investors to get acquainted with petrochemical projects in Iran and expressed hope that the forum will lead to lure foreign investment.

Many foreign investors hoping for fat profits and Iran planning to renew its aging industry and ailing economic system have conducted meetings.

Meanwhile Iran is increasing its export capacity particularly in petroleum sector in preparation for the lifting of nuclear sanctions imposed by the West on its industrial and economic sectors.

According to a July deal between Iran and the world powers, financial sanctions imposed by the West against Iran, its banking system and industry over Tehran's nuclear program, are expected to be lifted in return for scaling down the Islamic Republic's nuclear program.

Iran expects that the landmark nuclear deal reached with the world powers, under which most of its nuclear sanctions will be removed in return for scaling down its nuclear program, to be implemented in the first month of coming year.

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