Home / Knowledge / News / Textiles / Iran govt to fully support petrochemical sector investment
Iran govt to fully support petrochemical sector investment
10
Jun '14
Mr. Jahangiri addressing the IPF gathering
Mr. Jahangiri addressing the IPF gathering
The Government of Iran considers investment in the petrochemical sector a top priority and hence it would fully support both local and foreign investment in the sector, Iran’s Vice President Es'haq Jahangiri has said.
 
Addressing the 11th Iran Petrochemical Forum in Tehran, Mr. Jahangiri said Iran has the world’s biggest petrochemical feedstocks in terms of natural gas and liquid resources.  Iran’s ownership of the world’s 11 percent crude oil and 17 percent natural gas deposits allows it to support expansive petrochemical plans with competitive prices and reliable supply, he added.
 
He said Iran was the very founder of the petrochemical industry in the Persian Gulf region when it opened its Marvdasht plant in Shiraz, South Central Iran, in 1964. He added that Iran’s future partners are those who are taking part in the country’s development today.
 
He informed that most of required equipment for petrochemical sector and oil and gas are now being manufactured inside Iran, and added that Iran offers unparalleled status for petrochemical expansion due to its geographical location, access to Persian Gulf ports, abundant natural gas resources, rising domestic demand and special economic zones.
 
He noted that the National Petrochemical Company (NPC) would formulate the needed policies for expanding the sector and partnering with local and foreign investors, if necessary.
 
He said the Iranian Government would provide incentives like land ownership/preparation, provision of facilities, tax exemptions, customs, insurance assistance, etc., for petrochemical firms investing in the country.
 
The Vice President termed Iran as one of the world’s safest areas for petrochemical investment.
 
Speaking at the same forum, Iran’s Petroleum Minister Bijan Namdar Zangeneh said Iran is committed to facilitate investment in the petrochemical sector.
 
Mr. Zangeneh said his ministry will facilitate investment in various aspects based on current laws, and predicted that new petrochemical products from Iran will enter the global market in the next two years. 
 
Iran needs around US$ 70 billion in investment in upstream and downstream areas of the petrochemical sector, according to the Minister. 
 
He said abundant natural gas resources, ethane, other types of feedstocks and growing local market allow Iran to have a special status in attracting local and foreign private investment. He noted that the Iranian petrochemical sector needs new technologies and financial resources to enter global markets and expand from upstream all the way to downstream. 
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 16th Jan 2017

India’s WPI inflation rises to 3.39% in December 2016

India’s annual rate of inflation, based on monthly wholesale price...

Apparel/Garments | On 16th Jan 2017

EC proposes enhanced market access for Sri Lanka

The European Commission (EC) has proposed that a significant part of...

Textiles | On 16th Jan 2017

Producing contamination free cotton biggest task: CCI

Producing contamination free cotton is the biggest task for the...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search