Head of Iran's National Petrochemical Company (NPC) called on provision of petrochemical infrastructures in the country in order to accelerate foreign investments in the sector.
Speaking with Shana, Abbas Shari-Moqaddam said foreign companies that are rushing to Iran to hunt out investment opportunities in the country say they would fund projects only if infrastructures are provided in the country.
He said construction of petrochemical utility facilities as well as docks for shipping the products must be funded by public funds as private investors are not willing or rich enough to bankroll infrastructure projects in Iran.
Shari-Moqaddam, who is also the deputy petroleum minister for petrochemical affairs, said foreign investors are completely wary of Iran's economic and political conditions and would put their investments at risk under any circumstances, and "if they have indicated so much interest in entering Iran's petrochemical sector, it is because of the lucrativeness of the sector."
"Fortunately, Iran is a safe country in the region which is highly regarded by foreigners and this is why they are flocking to Iran even before the sanctions are lifted," he added.
Iran has 67 half-finished petrochemical projects up for grabs with 20 to 90% physical progress which are planned to come on-stream based on a schedule.
Iran, which sits on the world’s largest gas reserves, intends to enhance gas production by increasing foreign and domestic investment, especially in its South Pars gas field, which will ensure sustainable feedstock supplies to petrochemical plants.
South Pars field, which Iran shares with Qatar in the Persian Gulf, is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves.