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German Giant Counting Seconds to Return to Iran

German Giant Counting Seconds to Return to Iran
(Sunday, December 13, 2015) 15:07

TEHRAN (NIPNA) – A Linde member of the executive board says the German industrial gases company will definitely plod along its European rivals into Iran's petrochemical market once the country has its nuclear sanctions removed.

Christian Bruch, who represented the Linde Group at the 12th Iran Petrochemical Forum, said on Sunday that the German petrochemical heavyweight will join petrochemical and energy projects in Iran once the Joint Comprehensive Plan of Action (JCPOA) is implemented.

Addressing a specialized panel meeting at the 12th Iran Petrochemical Forum in Tehran, Bruch said for Linde to start its activities in Iran, the sanctions must be removed.

"Given its unparalleled potentialities, Iran's petrochemical sector can lead the country's economic development," he said. 

He attributed the recent boom in shale oil production and olefin output from China as the main causes of the market volatility which has forced companies to call off major petrochemical projects in the world. 

The German business official further said Iran can have a major share of the global petrochemical market by 2025 given the projects the country has defined. 

"The current petrochemical projects in Iran are the result of previous developments and the country can enjoy a major share in the global petrochemical market by tripling its petrochemical output by 2025," Bruch added. 

"Linde is very interested in joining projects in Iran after the sanctions removal," he said. 

Some 97 foreign companies from 25 countries have participated in IPF 2015 which shows an increase of 120 percent compared to IPF 2014.

More than 15,00 representatives from domestic and foreign firms including Australia, Azerbaijan, Canada, Denmark, France, Germany, Japan, the Netherlands, Russia, and US are taking part in the event.

Participants in the IPF2015, one of the world’s most prestigious events representing the petrochemical industry, are discussing the core issues that the industry is facing with the emphasis given to Iran.

BASF and Linde sent their representatives to Iran in July with German Minister of Economy Sigmar Gabriel to resurrect the projects which were put on ice after sanctions were imposed on Tehran in 2011.

European companies are in a rush for a hinterland of trade opportunities in Iran after adopting a sour grape approach toward the country for years. Their return comes in the wake of finalized nuclear negotiations between Iran and the P5+1 group of countries.

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