Indian Oil Corp. is planning to build a $3-billion petrochemical plant in Iran, Bloomberg Business reported on Monday. According to the report the plant will fruit 1 million ton a year with access to Iran’s natural gas as feedstock.
The same report confirms that Indian Prime Minister Narendra Modi’s government is eyeing energy and infrastructure investments totaling billions of dollars in Iran, including upstream gas production and port developments.
Petrochemicals accounted for 4.4 percent of the the company’s revenues in the year which ended March 21, while accounting for almost 39 percent of its operating income.
Indian Oil Corp. sees “tremendous potential” in the industry, Chairman B. Ashok said in an interview published in its latest in-house newsletter.
Iran and India are planning mutual energy investments, Iranian Foreign Minister Mohammad Javad Zarif said earlier last month in New Delhi. The Iranians won’t forget India’s support during the hard times, he said.
Following the successful conclusion of the nuclear talks in Vienna, oil giants from across the globe are racing for opportunities in Iran as executives from Eni and Shell traveled to Tehran in June and May to discuss new opportunities in the resource-rich country and outstanding debts.
According to the agreement, all economic and financial sanctions against Iran will be removed through the Security Council resolution, which was adopted on Monday. In addition, all bans on Iran’s Central Bank, shipping, oil industry, and many other companies will be lifted.
A few hours later on the same day, Abbas Sha’rimoqaddam, deputy oil minister and managing director of the National Petrochemical Company, said Iran's petrochemical sector is ready to attract more foreign investment after Iran reached the conclusion of its nuclear talks with the P5+1 group.
“Following the announcement of the Joint Comprehensive Plan of Action, foreign investors will rush to Iran for investment, especially targeting the country’s oil and petrochemical industries,” he added.
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