Iran to create Petrochemical Development Fund

12 Apr '14

2 min read

Iran’s National Petrochemical Company (NPC) is currently giving final touches to the charter for creation of a fund for petrochemical projects, Abbas Sheri-Moqaddam, managing director of NPC, has said, according to the country’s Oil Ministry News Agency Shana.

At present, NPC is drawing up Articles of Association for Petrochemical Development Fund with the help of well-known economists and the Stock Exchange, Mr. Sheri-Moqaddam said.

According to him, private investors, banks and other potential investors in the petrochemical sector would be involved in the fund.

The setting up of Petrochemical Development Fund would help finance petrochemical development projects.

As per Iranian law, the NPC cannot directly invest in petrochemical development projects, but efforts are currently underway to get the necessary permission to allow NPC to directly invest in petrochemical projects, Mr. Sheri-Moqaddam said.

Last month, Mr. Sheri-Moqaddam said that 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 said the NPC was also determined to attract private investors and facilitate their presence in development projects.

In late May 2014, Tehran would be hosting an international conference in order to share investment opportunities in Iran with investors from other countries.

In the new Iranian calendar year that began on March 21, 2014, the country’s petrochemical exports are likely to touch $12 billion, as per NPC estimates.

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