The managing director of Iran's National Petrochemical Company (NPC) called on investors to join petrochemical projects and welcomed partnership in the projects for the promotion of the industry in Iran.
Abbas Shari-Moqaddam told Shana on Thursday that money plays a key role in the petrochemical industry but the money is not one that can be procured by one or two investors.
"Therefore, investors must join hands to bankroll the projects and Iranian financiers must seek foreign partners to develop the projects," he said.
He said ease of access to abundant oil and gas reserves that can be used as petrochemical feedstock, educated local labor, and being located in a key geographical region are some of the features that justify investment in Iran's petrochemical sector.
Iran contributes to 25 percent of the Middle East's petrochemical output and 4.3 percent of the world's. Petrochemical products all account for 2 percent of Iran's GDP.
Iranian petrochemical plants process 44.5 million tons of petrochemicals annually which is less than their nameplate capacity due to feedstock shortages.
Iran has defined dozens of major petrochemical projects which are expected to double the country's production capacity to 120 mt/y by 2025.
Some 36 new projects have been defined in the country's petrochemical hubs which will add another 60mt/y to the country's annual output for which $32 billion are needed to be invested.
Iran has 67 unfinished petrochemical projects up for grabs with 20 to 90 percent physical progress which are planned to come on stream based on a schedule.