Iran Pushing to Attract Foreign Investment in Petrochemical Sector
- May, 26, 2023 - 12:32
- Economy news
TEHRAN (Tasnim) – A senior official at the National Petrochemical Company (NPC) of Iran said the company has braced itself to attract foreign investment within the framework of joint venture to help the country’s petrochemical industry boom in the global markets.
CEO of NPC Morteza Shahmirzaei made the comments on Friday in an expert-level meeting with the ambassadors and consuls of Iran in the foreign countries, held to review strategies for the development of international cooperation in the petrochemical industry.
He called on the Foreign Ministry officials to cooperate with the NPC in facilitating the involvement of foreign investors in Iran’s petrochemical industry.
Shahmirzaei also assessed the prospect of the petrochemical industry as ‘positive’, and stated that the policies on financing and supplying equipment needed by the petrochemical industry will be implemented in the shortest time possible with cooperation from the Foreign Ministry.
The National Petrochemical Company is ready for any kind of cooperation with the Ministry of Foreign Affairs, holdings, and petrochemical companies in order to attract foreign investment, he noted.
Getting the lion’s share of the petrochemical sector at the international markets as well as entering new export markets in Africa, Central Asia, Eastern Europe and the Commonwealth Independent States (CIS) region are of the main strategies of the company, he said.
The CEO also noted that his company is on the development and growth track with the current production capacity of 92 million tons.
About 70 percent of Iran’s petrochemical products is exported, he added.
Currently, 50 grades of various petrochemicals are produced at the complexes across Iran, he said, putting the value of petrochemical exports in the previous year at $16 billion.