Iran's Petrochemical Industry Needs $4.5bn of Investment
Addressing an inaugural ceremony of the 3rd Iran Petrochemical Forum, the minister called on the country's petrochemical industry to embark on all-out efforts to seek new financial sources at international levels.
The minister further said that in the Third Development Plan (March 2000-March 2005) transparent policies in regards to industrial development will be adopted including demolition of a great number of state monopolies, privatization, increasing productivity, underscoring competitiveness and paving the ground for absorbing additional direct investments.
Elaborating on his ministry's efforts to develop various stages of the South Pars gas field last year, Zangeneh expressed the readiness of the National Iranian Oil Company (NIOC) for setting up terms for participation in its various downstream operations.
Stressing that Iran's long-term policies and strategies will be based on the policy of detente, the minister expressed the hope that the approach, particularly in the fields of oil, gas and petrochemicals will bear fruit for all neighboring countries.
Referring to attempts by nearly all regional countries to develop their petrochemical industries, the minister said this will probably lead to excessive petrochemical products which in turn will inflict severe losses on the economies of these countries.
Regional countries are obliged to embark on further cooperation among themselves to offset the potential threat of excessive petrochemical products, the minister emphasized.
According to the minister, regional countries should increase cooperation in various fields including exchange of information on projects and markets, joint marketing, building machinery and equipment, implementation of projects and lifting customs barriers.
In the meantime, the Chairman of the Danish Haldor Topsoe A/S, Dr. Haldor F.A. Topsoe said that Iran has great potentials in petrochemical field that should be developed through global cooperation.
Talking to the TEHRAN TIMES on the sidelines of the forum, Topsoe added, "Iran is gradually coming out from isolation and creating relationship with other countries."
Iran's petrochemical sector needs to attract huge foreign investment to improve, he said, adding that free trade could be useful for Iran in this regard.