Director of Investment Development in the National Petrochemical Company (NPC) said German and Japanese companies are determined to return to Iran’s petrochemical projects following removal of sanctions.
Referring to the negotiations in recent months with the visiting foreign delegations in Tehran, Amir-Hossein Fallah said, in the talks with German, Japanese, British, French, Austrian, and Spanish firms, both sides expressed interest in financing of the projects as well as transfer of technology to Iran.
“In talks with the NPC, companies from Germany and Japan are more serious than those from other countries,” he added, “The outcome of negotiations on international cooperation in the petrochemical industry is tied to implementation of the (nuclear) Joint Comprehensive Plan of Action or JCPOA.”
He also said tapping Iran’s massive 33.6 trillion cubic meters of gas reservoirs requires modern technology, participation in global markets, and huge investment in downstream and upstream industries estimated at 70 billion dollars.
Iran produced more than 23.6 million tons of petrochemical products in the first half of the current year (March 21 – September 23) despite of major restoration work underway in the units, NPC officials said, registering a five percent increase in its biannual output compared to the similar period last year.
Iran’s petrochemical industry has the advantage of massive hydrocarbon reservoirs in the country which serve as the gas and liquid feed of the industry. Its products are also highly value added and help the country to take distance with crude sale of hydrocarbon material.