‘Oil sanctions to be abolished in coming days’

TEHRAN, Dec. 14 (MNA) – Announcing that giant oil companies can establish branches in Iran, oil minister said sanctions against the country’s oil industry will be completely canceled in the next few days.

Addressing the 12th Iran Petrochemical Forum (IPF2015) on Sunday, Bijan Zanganeh referred to the finalization of the negotiations between Iran and the 5+1 as well as the removal of sanctions in the coming days adding “Iran’s petrochemical industry will enter a new era once the sanctions are lifted and we can hope that the 20-Year National Vision Plan will be fully realized.”

“Iran’s petrochemical industry is now focusing on the development of the private sector and cooperatives with the major issues at stake being sustainable raw material supply for the industry as well as creating the required infrastructures on the part of the National Petrochemical Company (NPC).

The member of the cabinet stressed that a big leap has been planned for the country’s petrochemical industry; “Iran aims to boost its petrochemical output to $70 billion in the following years, and, to this end, it needs massive investment, transfer of modern technology and marketing,” he noted.

The official deemed provision of raw materials as the ongoing debate enumerating various plans designed in this regard including the completion of South Pars phases until the year 2017 as well as operation of refinery projects in the next three years.

Zanganeh further urged Iran’s private sector as well as foreign investors to take part in Iranian projects adding “foreign firms that used to have a representative in Iran can launch their branch here using their brand and select their strategic Iranian partners with our support.”

He went on to enumerate advantages of investment in Iran stating “inexpensive educated labor, access to regional markets as well as holding energy resources are some of the advantages that justify investments in Iran.”

Zanganeh considered petrochemical business as the main policy of the oil ministry in the international arena emphasizing “assigning LNG projects to the private sector and the cooperatives are among the main decisions made in this regard.”

“We support the implementation of propylene units in the country,” noted oil minister adding “we urge the establishment of these units along with creation of downstream industries since we plan to make other products with propylene before we export them.”

The official stressed that the government has planned promising incentives for investment in petrochemical industries; “the National Petrochemical Company (NPC) needs to play a regulatory role in the industry by preventing disruptive actions to healthy competition.




News Code 112791


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