Managing Director of the International Petrochemical Company said there have been agreements with German companies on the modality of repayment for financing the projects.
“During negotiations with foreign firms so far, no new finance was discussed while the German firms agreed on management of the refunds,” Issa Mashayekhi said.
In the emerging political and economic conditions, he added, the petrochemical industry is ready for attracting new investments.
Tapping Iran’s massive 33.6 trillion cubic meters of gas reservoirs requires modern technology, participation in global markets, and huge investment in downstream and upstream industries estimated at 70 billion dollars.
Iran’s petrochemical industry has the advantage of massive hydrocarbon reservoirs in the country which serve as the gas and liquid feed of the industry. Its products are also highly value added and help the country to take distance with crude sale of hydrocarbon material.
Director of Investment Development in the National Petrochemical Company (NPC) has said that German and Japanese companies are determined to return to Iran’s petrochemical projects following removal of sanctions.
“In talks with the NPC, companies from Germany and Japan are more serious than those from other countries,” Amir-Hossein Fallah added, “The outcome of negotiations on international cooperation in the petrochemical industry is tied to implementation of the (nuclear) Joint Comprehensive Plan of Action or JCPOA.”