NPC Soliciting NDFI Help

NPC Soliciting NDFI HelpNPC Soliciting NDFI Help

The National Petrochemical Company (NPC) has urged the government to allocate $5-10 billion from the National Development Fund of Iran (NDFI) to be disbursed on petrochemical projects which are at least 60 percent complete, said the deputy managing director of NPC.

"Proposals have been put forward to the government to speed up projects which are 60 percent complete," Mohammad-Hassan Peyvandi was quoted by IRNA as saying.

The proposal has been submitted to the oil minister and first vice-president, and is under consideration, he said.

Peyvandi criticized the private sector's performance, saying that it has not fulfilled its obligations to help develop the key industry.

"Given the authority of Article 44 of the Constitution, we can partner (with private firm) up to 20 percent in future investments, the figure is 49 percent for deprived regions. We will make use of this legal potential."

The 20 percent investment capacity enables NPC to participate within its financial limits in projects which are near completion to reach fruition as soon as possible, he said.

Recent reports said there are currently 67 half-completed projects with a capacity of 60 million tons.