Not long ago, a number of European countries would privately send delegations to Iran to hold discussions on ways to expand cooperation in the post-sanction country, but it has been a while since the negotiations have become public and there are even talks of official cooperation and signing agreements.
Amid all this, Iran’s petrochemical industry holds a particular attraction for European companies and intensive negotiations have been held among the representatives of these countries with Iranian stakeholders.
Iran’s media reported on Sunday that Germany’s Basel petrochemical giant plans to invest above $300 million in Iran. Reports said the investment will be made in an Iranian petrochemical project and will also include the transfer of technology.
Following this announcement, Ahmadreza Ashtari, CEO of Kermanshah Petrochemical Industries Co. said on Monday that a prominent Dutch company known as Stamicarbon will participate in phase 2 of Kermanshah Petrochemical projects.
During the recent months, some oil delegations from Europe visited Iran and held talks with Iranian officials in order to join the country in its petrochemical plans.
It is predicted that with a final deal over Tehran’s nuclear program which would terminate the anti-Iran sanctions, the current obstacles would be lifted and the country would see a giant leap in petrochemical industry.
Iran’s current production capacity in the petrochemical sector stands at about 60 million tons in a year. The country has already devised serious plans to double this to as high as 120 million tons per year in the first stage and 180 million tons per year in a further stage.