Fresh Investment Needed to Transform Iran Petchem Industry: Zangeneh

(Saturday, February 15, 2020) 15:32

TEHRAN (NIPNA) – Iranian Minister of Petroleum Bijan Zangeneh said the country’s petrochemical industry would be transformed by new investments in the sector.

Speaking on Saturday, he said by the next 5 years, Iran would have completed projects with a total value of 30 billion dollars, adding investment opportunities up to $40b would be available in the Iranian petrochemical industry by then.

Addressing a conference on financing oil projects, Zangeneh said none of the projects devised to be built in Iran by 2024 were behind the schedule and their financiers were able to bankroll them.

He said plans for nearly $12b of petrochemical projects had been finalized in the country but their development had not begun yet.

The official further said that with $20b of investment petro-refining projects would also be completed in the country, adding all the investment would be carried out by private companies in the petrochemical and petro-refining projects, and only a small part of the projects would be financed by semi-state companies.

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National Petrochemical Company