MOSCOW (MRC) -- Iran, seeking to triple petrochemicals production capacity within a decade, presented about 60 projects to potential investors at an event with international companies including BASF SE, the world’s largest chemical company by market capitalisation, as per GulfNews.
Once sanctions against Iran’s economy end, the country will target USD70 billion (Dh256.9 billion) in investment from companies as part of an effort to increase production capacity to 180 million metric tons a year by 2025 from 60 million currently, Mohammad Hasan Peyvandi, vice president of Iran’s National Petrochemical Co., said Monday in an interview in Tehran.
"The criteria for choosing a foreign partner is for it to bring in technical know-how," he said on the final day of a two- day conference in the Iranian capital. "For us the right combination of technology and capital to be brought in by the investor is most ideal."
Iran is preparing to rebuild its economy after more than 10 years of economic sanctions that have choked off foreign investment and access to energy markets. The Arabian Gulf nation agreed in July to accept limits on its nuclear programme in return for a removal of the curbs, which have targeted exports of petrochemicals as well as oil.
BASF, Siemens AG and Linde AG were among companies attending the Tehran event. Potential investors should form a partnership with local companies, Peyvandi said.
As MRC informed previously, currently number of active Iranian Petrochemical complexes are 53, with total production capacity of 59 million metric ton, producing range of polymers, chemicals, aromatics & liquid gas, located mainly at Iranian south region, next to Persian Gulf, called Assaluyeh and Mahshahr Special Economic Zones.
At the moment, there are 67 developments projects in the country which are under construction, adding 61 million metric ton on total production and estimated to fully run till 2018.
MRC