Iran’s petrochemical projects to get allocation from national fund

Sep 30, 2011 12:00 AM

Iran's Oil Minister Rostam Qasemi has approved the allocation of $ 7.5 bn from the National Development Fund (NDF) to petrochemical projects.
Managing-Director of the National Iranian Petrochemical Company (NIPC) Abdolhossein Bayat added that the NDF had received a list of high priority petrochemical projects such as Golestan, Zanjan, Lordegan, Gachsaran, and Andimesh.

The official added that none of the developing petrochemical projects are currently experiencing funding problems.
“We provide funding through foreign financing for some of the projects that their contracts have recently been signed and for other projects we use NDF resources,” he said.

Last year, the overall production of petrochemical products was about 4 mm tons which indicates 95 % of Iran's petrochemical development plans have been implemented.
NIPC had earlier announced that Turkey plans to assist Iran with the construction of two petrochemical plants in southern and western Iran. The announcement came as the United States voiced impatience with continued foreign participation in Iran's energy projects, despite its unilateral sanctions targeting Iran's oil and gas industry.

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