Iran’s petchem industry to attract $5bn investment

News ID: 4052461 -
TEHRAN, Aug. 08 (MNA) – In the near future and in line with further development, petrochemical industry of Iran will attract five billion dollars of foreign investment from three European companies.

Director for Investment of National Petrochemical Company (NPC) Hossein Alimorad made the remarks highlighting that Return on Investment (ROI) in the Iranian industry was guaranteed and manifest.

The official stressed that upon conclusion of negotiations and provision of necessary conditions in the near future, a total of $5 billion new foreign investment will enter the country’s petchem industry by participation of three European firms.

He pointed out that, following implementation of Iran’s nuclear deal with 5+1 group of countries also dubbed as the Joint Comprehensive Plan of Action (JCPOA), foreign direct investment (FDI) agreements worth an aggregate total of 10 billion dollars had been sealed only in the petrochemical industry with European and East Asian countries.

“Very soon, a portion of MoUs in which credible European companies are involved will lead to signing final contracts and attraction of capital to the Iranian petrochemical industry,” Alimorad continued.

The NPC official went on to underscore that “over the last few weeks, process of negotiations with these companies has entered a new phase and it can be stated that entry of new investments in development projects of the Iranian industry is being realized.”

HA/4051617

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