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African Countries Eye Investment in Iran Urea Fertilizer Field

African Countries Eye Investment in Iran Urea Fertilizer Field
(Tuesday, May 2, 2023) 23:58

TEHRAN (NIPNA) -- Rafik Amora, a senior expert of the Gas Exporting Countries Forum (GECF), revealed on Monday that African countries are keen on investing in Iran's urea fertilizer field.

Speaking at the 14th Iran Petrochemical Forum (IPF), Amora pointed out that the consumption of urea fertilizer has now reached 288 million tons globally, and Iran is one of the main producers in the GECF.

Amora stressed that the development of the petrochemical industry, particularly in downstream industries, is crucial for gas exporters, as it can generate diverse income streams.

He added that the petrochemical industry is capital-intensive, and the return on investment in downstream sectors is faster compared to other industries.

The GECF senior expert also noted that Iran, Saudi Arabia, and the United States are currently the largest major exporters of methanol in the world, and the consumption of this substance is on the rise.

He emphasized that methanol could be one of the main income-generating potentials in the future, and called for the development of its chain.

Amora went on to highlight the increase in the consumption of chemical fertilizers, particularly in African countries. He stated that most African countries are interested in investing in the field of urea fertilizer, which is a significant opportunity for Iran's petrochemical industry.

The 14th IPF International Conference is a two-day event that kicked off on Monday in Tehran. It is a platform for stakeholders in the global petrochemical industry to discuss market trends, technologies, and investment opportunities. The conference also aims to promote cooperation and development in the petrochemical sector.

Iran is a leading player in the petrochemical industry, with vast reserves of oil and natural gas. The country has made significant strides in recent years in developing its petrochemical sector, and the government has set a target of producing 130 million tons of petrochemical products annually by 2025.

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