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Iran Ready to Attract Foreign Investors in Petchem Industry

Iran Ready to Attract Foreign Investors in Petchem Industry
(Saturday, May 27, 2023) 16:08

TEHRAN (NIPNA) -- The deputy petroleum minister and CEO of the National Petrochemical Company said: "With the facilitation of the diplomatic apparatus, we are ready to welcome foreign investors in the petrochemical industry."

Morteza Shahmirzai, the deputy petroleum minister and CEO of the National Petrochemical Company, said on Thursday, May 25, 2023, in a meeting to discuss strategies for developing international cooperation in the petrochemical industry, which was attended by ambassadors and consuls general of the Islamic Republic of Iran in various countries: "We have to diversify our products and customers in the petrochemical industry with the cooperation and interaction of the country's diplomatic apparatus and become active in new markets."

He positively assessed the future and outlook of Iran's petrochemical industry, and said: "With the cooperation of the country's diplomatic apparatus, the implementation of policies for providing foreign financial resources, supplying goods and equipment needed by the petrochemical industry will be realized much faster and in this regard, the National Petrochemical Company is ready for any kind of cooperation and interaction with the Ministry of Foreign Affairs and petrochemical holdings and companies."

He stated that one of the main goals and strategies of Iran's petrochemical industry is to capture new export markets and destinations in Africa, Eastern Europe and CIS countries, and said: "Now Iran's petrochemical industry has a production capacity of more than 92 million tons per year and is on the path of growth and development, of which about 70 percent of its products are exported."

The CEO of the National Petrochemical Company said: "550 grades of various petrochemical products are produced in petrochemical complexes and last year $16 billion worth of various petrochemical products were exported, of which $14 billion were offered in Nima system, which played a decisive role in regulating the foreign exchange market."

He added: "About $90 billion has been invested in the country's petrochemical industry and there are more than 100 development projects in different parts of the country."

Shahmirzai continued: "The strategy of the National Petrochemical Company is to complete the value chain of petrochemical products and 21 important projects have been introduced to petrochemical holdings to realize the value chain."

He stated: "The 21 projects mentioned are national self-sufficiency value chain projects, which are estimated to have a total investment value of about $9 billion."

The NPC CEO continued: "Iran's petrochemical industry is rapidly localizing its needs and now many of its needs are met through localization in terms of technical knowhow, catalysts, goods and equipment, and we predict that by the next five years we will be self-sufficient in supplying strategic goods for the petrochemical industry."

Activating energy diplomacy and developing exports of Iranian Petchem products

He said: "We have to use all the capacities available in the Ministry of Foreign Affairs and our embassies in other countries to activate energy diplomacy and develop exports of Iranian petrochemical products."

He stressed: "With the readiness of Iran's petrochemical industry investment packages, we ask the country's diplomatic apparatus to facilitate and expedite the entry of interested investors into Iran's petrochemical industry."

He introduced Assaluyeh and Mahshahr hubs as the two main poles of Iran's petrochemical industry, and said: "In addition to these two hubs, energy-rich areas such as Parsian, Deir and Makran coasts are other areas where development projects can host foreign investors. Meanwhile, Jask region's infrastructure is also ready for investors to develop refineries."

The CEO of the National Petrochemical Company said: "We have to move towards development and striving in the petrochemical industry and in this regard, Iran's ambassadors in other countries can play a role model and determinant role for developing this sustainable and lasting industry.”

It is worth mentioning that the meeting on reviewing strategies for developing and promoting international interactions in the petrochemical industry with the aim of developing energy diplomacy in order to expand Iran's petrochemical export market, introducing capacities, facilities and capabilities of Iran's petrochemical industry, as well as examining solutions for facilitating exports was held with the presence of Iran's ambassadors in Brazil, India, Tanzania, Burkina Faso, Serbia and consuls general in Guangzhou China and Aktau Kazakhstan.

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