TEHRAN – German chemicals producer, BASF SE is intent on investing $4 billion in building petrochemical facilities in Iran Parsian Mineral Industries Special Zone, said Marzieh Shahdaie, the managing director of Iran's National Petrochemical Company (NPC).

According to the Shana news agency, Shahdaie made the remarks in her meeting with two Iranian top officials; namely, Adel Nejad-Salim, the chief executive of Persian Gulf Petrochemical Industries Company (PGPIC), and Mehdi Karbasian, the board of directors' chairman of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

In the first phase, Nejad-Salim said, the German conglomerate would secure 60 percent of the project, valued at $4 billion, while Iran provides capital for the rest 40 percent.

Nejad-Salim added that BASF is willing to fund a larger amount for the phase 2 of the project.

Meanwhile, Karbasian stated that gas, electricity and water, required for the project, are already supplied.

He further noted that plans are underway to hold a tender for construction of piers in the Parsian Mineral Industries Special Zone, adding that two companies from Germany and China have already voiced their interest.

With providing foreign and domestic investors with adequate infrastructure, he said, IMIDRO ensures production and export of petrochemical products of the newly constructed facilities.

Iran has already unveiled plans to become the leading producer of petrochemicals in the Middle East by significantly expanding the range and volume of its petrochemical production.

On January 30, Shahdaie said the Iranian petrochemical sector should attract $8-10 billion finance per annum mainly through foreign direct investment.

According to Shahdaie, foreign companies mainly from Europe and East Asia are seeking to make investment in the implementation of Iranian petrochemical projects in post-sanctions Iran.

SJ/MA