'Iranian petrochem to benefit from private sector finance'

24 Sep '13

1 min read

The Iranian petrochemical sector would attain its targets by benefitting from private sector financial resources, according to Abbas Sheri Moqqadam, new managing director of the National Petrochemical Company (NPC).

The NPC director said there is plenty of potential for participation of the private sector in the country’s petrochemical sector activities.

Mr. Moqqadam said that during the tenure of former Iranian President Khatami from 1997 to 2005, Bijan Namdar Zanganeh, then oil minister and Mohammed Reza Nematzadeh, then NPC head, provided great opportunities for development in the petrochemical sector.

Zanganeh’s return as Petroleum Minister is a great opportunity for oil industry which should take advantages of the situation, he added.

The Petroleum Minister Zanganeh recently announced that the value of Iran’s petrochemical output may double to US$ 40 billion from the current value of US$ 20 billion.

Iran exported about US$ 12 billion worth of petrochemical products to over 65 countries during the previous Iranian calendar year (March 2012-March 2013).

East Asia, Central Asia, Southeast Asia, and Africa were the main destinations where Iran exported petrochemical products.

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