Iran needs $55 billion investment for petrochem sector

Iran’s deputy petroleum minister, Marziyeh Shahedaei, says the country needs to attract some $55 billion worth of investment to develop its petrochemical sector, according to a report by Iran Iran PressTV. Iran hopes to achieve 150-million-ton production capacity within 10 years, and estimates that $55 billion worth of investment will be needed to implement new projects and boost production capacity.  Completion of unfinished petrochemical projects, will cost around $20 billion worth of investment, said Ms.Shahedaei, who also heads the National Petrochemical Company. 

 

She made known this estimate on the sidelines of a visit to the 13th edition of International Energy Exhibition in the Persian Gulf island of Kish in southern Iran. Attracting foreign investment to boost the petrochemical sector is a priority of Iran’s Petroleum Ministry. 

 

 

The country has the world's fourth-largest oil and second-largest gas reserves and already has revealed plans to become a major producer of petrochemicals in the Middle East by raising its production capacity.  

 

Iran exported around $4 billion dollars worth of petrochemicals during the first six months of the current Iranian calendar year, which started on March 20. It exported more than 10 million tons of petrochemicals mainly to Asian markets during the period. The country has installed capacity of around 63 million tons and this is projected to rise to 130 million tons by 2020.

 

The iplementation of nuclear deal with members of the UN National Council -  the United States, Britain, France, China, Russia, and Germany - has enabled Iran to raise its exports of petrochemicals.  The implementation of the agreement, known as the Joint Comprehensive Plan of Action (JCPOA), lifted financial sanctions imposed on Iran.