NPC ready to attract foreign investment in petrochemicals

07 Mar '14

2 min read

The National Petrochemical Company (NPC), a subsidiary of the Iranian Petroleum Ministry, is all set to attract foreign investment in the petrochemical sector, NPC’s managing director Abbas Sheri-Moqaddam has said, FARS News Agency reported.

Addressing a meeting in Tehran, Mr. Sheri-Moqaddam said around US$ 8 billion worth of foreign investment is required for the development of the country’s petrochemical sector and the NPC is trying to attract investment from foreign investors.

He informed that an international conference will be held in Tehran in late May 2014 in order to share investment opportunities in Iran with investors from other countries.

A day earlier, Iran’s Deputy Minister for Oil and Gas Hamid Reza Araqi also voiced Iran’s intention to welcome foreign investment. He said the progress of new phases of the South Pars Gas Field requires additional investments and foreign investment can help meet the challenge.

In November 2013, Iran and six major world powers agreed on a six-month Joint Plan of Action to resolve the dispute on Iran’s nuclear energy programme, which resulted in lifting of some sanctions on Iran, paving the way for Iran seeking foreign investment.

Sheri-Moqaddam said the NPC is also determined to attract private investors and facilitate their presence in development projects.

According to him, Iran’s petrochemical production capacity will increase by around seven million tons in the next calendar year that begins on March 21, 2014.

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