Iran Allocates $6bn for Petchem, Refinery Projects

The Director of Investment at Iran’s National Petrochemical Company (NPC) said the National Development Fund (NDF) has allocated 6 billion dollars for petrochemical and refinery projects.

“Financing of projects from the fund will be expedited after SWIFT is back,” Amir Hassan Fallah told Shana.

He said Japanese, South Korean, and European firms are interested in investing in Iran’s petrochemical projects in the post-sanctions era, adding that major European companies will be also interested in downstream products.

In the Sixth Development Plan, there are some 36 [petrochemical] projects and 15 of them are marked for priority implementation,” he said.

Fallah said that following complete removal of the sanctions on banking, insurance, and transport, the petrochemical industry will experience a massive transformation. “The industry is so vast that even the countries that imposed the sanctions are in dire need to the petrochemical products,” he said adding:

It limits effects of sanctions in the industry. Iran’s petrochemical industry needs an annual investment of 10 billion dollars which can’t be funded by domestic banks. Therefore, the industry requires foreign capital and technology to develop.

(Source: Shana)

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