Iran’s National Petrochemical Company (NPC) plans to increase its output capacity to 150 million metric tons a year by 2016 to prepare the ground for more foreign investment in the country’s oil sector, Managing Director of NPC Marzieh Shahdaei told Bloomberg in an interview published on Thursday.
She added that the production rise means that 55 unfinished projects will be completed and 28 new production facilities will be set up.
“A number of these projects have had problems that go back to sanctions (era) and financing,” Shahdaei said, adding that Iran’s current production capacity is 60 million tons a year.
The Iranian deputy oil minister said that NPC is also in talks with several German, Italian and Spanish firms for foreign investment.
“It’s similar to starting a race. They are positioning themselves in the starting blocks so that as soon as the barriers are removed, they can get working.”
The Islamic Republic, which holds the world’s third-largest proven oil reserves and the largest natural gas reserves, has been trying to enhance its gas production by attracting foreign and domestic investment.
The country is also determined to become the biggest petrochemical producer in the Middle East.