Iran govt to fully support petrochemical sector investment

Jun 10, 2014 12:00 AM

The Government of Iran considers investment in the petrochemical sector a top priority and hence it would fully support both local and foreign investment in the sector, Iran’s Vice President Es'haq Jahangiri has said.

Addressing the 11th Iran Petrochemical Forum in Tehran, Mr. Jahangiri said Iran has the world’s biggest petrochemical feedstocks in terms of natural gas and liquid resources.  Iran’s ownership of the world’s 11 percent crude oil and 17 percent natural gas deposits allows it to support expansive petrochemical plans with competitive prices and reliable supply, he added.

He said Iran was the very founder of the petrochemical industry in the Persian Gulf region when it opened its Marvdasht plant in Shiraz, South Central Iran, in 1964. He added that Iran’s future partners are those who are taking part in the country’s development today.

He informed that most of required equipment for petrochemical sector and oil and gas are now being manufactured inside Iran, and added that Iran offers unparalleled status for petrochemical expansion due to its geographical location, access to Persian Gulf ports, abundant natural gas resources, rising domestic demand and special economic zones.

He noted that the National Petrochemical Company (NPC) would formulate the needed policies for expanding the sector and partnering with local and foreign investors, if necessary.

He said the Iranian Government would provide incentives like land ownership/preparation, provision of facilities, tax exemptions, customs, insurance assistance, etc., for petrochemical firms investing in the country.

The Vice President termed Iran as one of the world’s safest areas for petrochemical investment.

Speaking at the same forum, Iran’s Petroleum Minister Bijan Namdar Zangeneh said Iran is committed to facilitate investment in the petrochemical sector.

Mr. Zangeneh said his ministry will facilitate investment in various aspects based on current laws, and predicted that new petrochemical products from Iran will enter the global market in the next two years.

Iran needs around US$ 70 billion in investment in upstream and downstream areas of the petrochemical sector, according to the Minister.

He said abundant natural gas resources, ethane, other types of feedstocks and growing local market allow Iran to have a special status in attracting local and foreign private investment.

He noted that the Iranian petrochemical sector needs new technologies and financial resources to enter global markets and expand from upstream all the way to downstream.

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