Hamidreza Ajami, NPC’s director of investment, told the oil ministry’s
Shana news service that targeted investment would boost value creation, foreign
currency earnings, and jobs, while enhancing the sector’s share in Iran’s
non-oil exports. The petrochemical industry already accounts for about 25% of
the country’s non-oil exports and 19% of industrial value added, he said.
Since 1979, the sector has drawn around $87 billion in investment,
about 19% of it from foreign sources. The development plan for 2024-2029
envisages $22 billion in planned investment, with $12 billion underway. Ajami
said some plants will start up this year, while financing is being arranged for
others.
The 144 licensed projects include 20 with over 70% physical progress,
32 between 20% and 70%, and 92 with less than 20%. NPC is seeking to draw foreign
capital despite sanctions, leveraging partnerships through blocs such as BRICS
and the Shanghai Cooperation Organisation.
Ajami called the petrochemical industry a pillar of national security,
linking upstream oil and gas to a wide range of downstream industries. He said
investment priorities include flare gas recovery, projects aligned with the
development plan, and initiatives with high export potential.
Challenges include limited foreign currency resources, logistics
constraints, and feedstock supply volatility. However, Ajami said Iran’s
industry retains credibility among global players, with some foreign firms
maintaining cooperation despite sanctions.
To attract capital, he pointed to legal guarantees for foreign
investors, customs exemptions in free zones, growing domestic engineering
capacity, skilled and low-cost labour, access to international waters, and
proximity to 15 neighbouring markets. NPC is also encouraging public
participation in projects through investment funds and bond issuance.