'D-8 nations can boost cooperation in petrochem sector'

04 Jun '13

2 min read

The eight developing countries that constitute the D-8 group can enhance cooperation in petrochemical sector by investing their surplus funds in projects of other member countries, Abdolhosain Bayat, Managing Director of Iran’s National Petrochemical Company (NPC) said.

Being a knowledge-based sector, several factors like present-day technology, joint ventures and consumption markets, influence the growth of the petrochemical sector, the NPC Chief said while speaking after the first specialized meeting of the D-8 petrochemical working group in Tehran, FARS News Agency reported.

Noting that petrochemical products of Iran have successfully gained access to the world markets, Mr. Bayat attributed this achievement to global meetings and forums, where they get to promote their products and exchange views.

Talking about internal cooperation within the D-8 Group, Mr. Bayat said the member countries are well capacitated to cater to the needs of the Group countries, both on bilateral as well as multilateral basis.

Alluding to the progress achieved by some of the member countries in the petrochemical arena, the NPC head noted that Turkey has made noteworthy advancement in the downstream petrochemical sector, while Egypt’s breakthrough in upstream sector can lay foundation for enhanced cooperation.

Following their first meeting in Tehran, the D-8 members have decided to hold more specialized meeting on petrochemical issues in future, Mr. Bayat said.

The D-8 group consists of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.

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