NPC Calls for German Investment

NPC Calls for  German Investment NPC Calls for  German Investment

Iran's petrochemical industry needs $70 billion in investment and negotiations with German enterprises are underway for transferring cutting-edge technology to Iran, which also requires investment, said Abbas She’ri-Moqaddam, managing director of National Petrochemical Company.

"NPC's cooperation with German firms will be contingent on their willingness to invest in Iranian projects," the official noted on the sidelines of meetings with the visiting German delegation to Tehran, IRNA reporterd.

According to the managing director, 100 petrochemical development plans need to be financed by international companies, including the German Linde Group and BASF, which used to be active in implementing petrochemical projects in Iran.

Referring to decreased presence of German companies in Iran due to sanctions, She’ri-Moqaddam reiterated that Germans are familiar with Iran's oil and petrochemical industries. Nonetheless, negotiations with French and Dutch companies are high on the agenda.

The high-ranking German business delegation that arrived in Tehran on Sunday headed by Germany's Vice Chancellor and Minister of Economy and Energy Sigmar Gabriel attended a meeting with members of Iran's oil and petrochemical officials on Monday to discuss ways to expand bilateral ties.

Energy Minister Hamid Chitchian also emphasized that the two sides have agreed to cooperate in building power plants, installations for generation, transmission and distribution of electricity and transfer of technology for efficient use of water as well as renewable energy resources either through direct investments by German companies or through joint ventures.