Iran's NDF earmarks $3bn for petrochemical projects

02 Jan '13

2 min read

Iran’s National Development Fund (NDF) has earmarked US$ 3 billion for financing 11 petrochemical projects, mainly in southern and western parts of the country, Tehran Times reported.

NDF Deputy Director Ehsan Sharifi informed that the country allocates 20 percent of its oil revenues to the fund, which had a total accumulation of around US$ 43 billion till December 24, 2012.

According to President Mahmoud Ahmadinejad, the fund’s assets are expected to reach US$ 55 billion by end of the current Iranian calendar year on March 20, 2013.

National Petrochemical Company (NPC) Managing Director Abdolhossein Bayat said the country intends to add 12 million tons of petrochemical production capacity to its existing strength by end of spring season on June 20, 2013.

Mr. Bayat had earlier said that investment opportunities worth US$ 80 billion have been spotted in the country’s upstream and downstream petrochemical industry, which is implementing real time initiatives to tap growth.

He added that it is proposed to allocate US$ 10.5 billion of oil reserves for development of the domestic petrochemical industry.

In addition to China and Western European nations, which are the main destinations, Iran exports petrochemicals to countries in Southeast Asia, the Middle East, Africa, the Indian subcontinent and Latin America.

During Iranian calendar year 2011-12, which ended on March 20, 2012, Iran exported petrochemicals worth US$ 14 billion.

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