Foreign investors interested in upstream petrochemical sector
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Mon Aug 10, 2015 5:43PM
File image of Abbas Sheri Moqadam, Iran's deputy petroleum minister
File image of Abbas Sheri Moqadam, Iran's deputy petroleum minister
A senior Iranian petroleum official says foreign investors are keen on investing in Iran’s upstream petrochemical sector.
Iran’s deputy petroleum minister, Abbas Sheri Moqadam said foreign investors have already expressed interest in returning to Iran’s lucrative petrochemical market.
He pointed to "at least 20% return of capital" invested in Iran’s petrochemical sector and described Iran as "the land of opportunity for foreigners."
The Islamic Republic says it needs $31 billion to inaugurate 60 half-complete petrochemical projects. It says once the projects come on stream, they will double the country’s current annual production capacity of 60 million tons.
Iran has already unveiled plans to become the leading producer of petrochemicals in the Middle East.
The country has significantly expanded the range and volume of its petrochemical production over the past few years.
It produced 40 million tons of petrochemical products in the last calendar year ( ending on March 20), with $9 billion gained from exports.
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