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Iranian petrochemical projects require government funding

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Hydrocarbon Engineering,

The National Petrochemical Company (NPC) has called upon the government to help finance a number of Iranian petrochemical projects. According to Hassan Peyvandi, Deputy Head of the NPC, the organisation has suggested that the government dip into the National Development Fund of Iran (NDFI) to help finance 15 petrochemical projects. The total number of projects reportedly stands at 67, but 15 of these are approximately 60% completed. A sum of around US$10 billion is required for the 15 half finished projects to become operational.

In other news, China is set to finance 18 Iranian petrochemical projects, according to Abbas She'ri-Moqaddam, Head of the NPC. "There is currently unique potential for the development of the petrochemical industry. Not only Iranian investors, but foreign investors should be benefitting from taking advantage of these potentialities,” said She'ri-Moqaddam.

According to local reports, Iran produced 40 million t of petrochemical products in the last calendar year, with US$9 billion gained from exports. The country aims to increase its petrochemical production capacity by 1.3 million t by March 2016.

Edited from various sources by Rosalie Starling

Sources: Zawya, Press TV

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