Tehran looking to attract $77bn for Iranian petrochemical industry

The Iranian petrochemical industry needs to attract $77bn in investment by the end of the decade if it is to get up to speed, the Director of Production Control at Iran’s National Petrochemical Company (NPC) Alimohammad Bossaqzadeh said yesterday, with 30 petrochemical projects already earmarked as priorities. “Foreign investors have voiced readiness to back completion of petrochemical projects in Iran and related negotiations are taking place,” he said, adding that direct investment and joint ventures would be the vehicles for financing.
Last week, the China National Technical Import & Export Corporation ( CNTIC) agreed to invest €1.65bn in the construction of Iran’s first petrochemical plant in Mehran, close to the country’s border with Iraq.