‘Foreign investors still interested in Iran’s petchem industry’

May 20, 2019

TEHRAN - Iranian National Petrochemical Company (NPC)’s director for investment said despite U.S. pressures, foreign investors are still eager for participation in Iran’s lucrative petrochemical industry, IRIB reported.

“Despite all the current negative propaganda since the withdrawal of the United States from the nuclear deal, foreign companies, especially Asians, are still willing to cooperate with us considering advantages of the Iranian petrochemical industry,” Hossein Alimorad said.

The official noted that currently a consortium comprising foreign partners is in talks with NPC for investment in some significant projects.

“The government is also taking all the necessary measures to facilitate the process of such investments and the companies which are going to invest in Iran surely have their own mechanisms for countering U.S. sanctions,” he said.

After withdrawing from the nuclear deal in November 2018, the U.S. has been pressuring Iran’s trade partners to cut of ties with the Islamic Republic.

In late April, General Secretary of Iran's Association of Petrochemical Industry Corporation (APIC) Ahmad Mahdavi Abhari said that U.S. sanctions were not going to have any significant impact on Iran’s petrochemical industry.

Petrochemical industry is one of the most important pillars of Iran’s economy and one of the main suppliers of foreign currency especially euro for the country.

According to Iranian Oil Minister Bijan Namdar Zanganeh, the country is currently producing 62 million tons of petrochemical products annually and with the new projects going on stream the number is expected to jump to 65.5 million tons further cementing the Islamic country’s stance as a major petrochemical supplier to the world markets.

EF/MA

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