Mitsubishi Sees Close Petrochem Cooperation

Mitsubishi Sees Close Petrochem CooperationMitsubishi Sees Close Petrochem Cooperation

Iran's special economic features, including skilled labor force and unique natural resources, distinguish it from its regional rivals, the general manager of Japan Mitsubishi Corporation said on Wednesday in Tehran.

"There is no limitation on expanding cooperation with Iran's petrochemical sector," Hideaki Konishi was quoted as saying by Shana.

According to the official, Mitsubishi has been active in Iran in various industrial fields. Moreover, its collaboration with Iran's private sector dates back to a long time.

"Iran's educated workforce is committed and competent," Konishi said, adding that without such a workforce, opportunities for economic development will be lost.

The official believes that Mitsubishi has a long-term outlook on Iran's petrochemical sector, as it is hopeful of capturing international markets with substantial profit margin.

Underscoring the fact that the Japanese corporation has based its cooperation on the dynamism and high potential benefits of this industry, he hoped that it can play a role in revolutionizing the industry whose future is promising.

"What our corporation does in more than 90 countries is definitely beyond the boundaries of traditional industrial framework," he said, adding that it looks to strengthen  trading and logistical capabilities further on the basis of business investments, chiefly upstream investments in resources and raw materials where the competitive strength lies.

Mitsubishi's CEO Hitoshi Ochi has recently announced that his company is willing to invest in Iran's petrochemical industry to secure a place in the emerging market.

Recalling his company's multimillion-dollar purchase of Iranian petrochemical products over the past five years, Ochi said the Islamic Republic can be a good investment target for Japan, as it holds the world's largest oil and gas reserves.

During a meeting with Deputy Oil Minister Abbas Sheri-Moqaddam, Ochi took stock of Japan's earlier partnership in the construction of Bandar Imam Petrochemical Complex and the country's direct investment in Borzouyeh and Isfahan petrochemical companies.

"Thanks to collaborations with international companies, Iran has managed to create the capacity for producing over 60 million tons of petrochemicals," he said.

Sheri-Moqaddam said the Iranian petrochemical industry needs and welcomes foreign direct investments, particularly in the downstream sector, and envisions a fruitful cooperation between the two Asian states, given Iran's rich oil and gas reserves.

Annual petrochemical output is expected to surpass the 50-million-ton milestone in the Iranian year (ending March 19, 2016), upon the completion of several SP phases and a hike in ethane production.

Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses across virtually every industry, including industrial finance, energy, metals, machinery, chemicals, living essentials and environmental business.

MC's current activities are expanding far beyond its traditional trading operations, as its diverse business ranges from natural resources development to investment in manufacturing industrial goods.

With over 200 offices and subsidiaries worldwide and a network of over 600 group companies, MC employs a multinational workforce of over 65,000 people.