$55b Needed by Petrochem Sector

$55b Needed by Petrochem Sector$55b Needed by Petrochem Sector

Iran needs $55 billion of investment in the petrochemical sector in the next 10 years, Deputy Oil Minister Marzieh Shahdaei said in the German capital on Tuesday. "Iran needs $55 billion for 60 projects in the petrochemical sector over a period of 10 years," she said at a conference, Reuters reported. Iranian officials on Monday reported the country produced more than 46 million tons of petrochemical commodities in the previous Iranian year (ended March 19, 2016), of which 19 million tons worth $9.5 billion were exported. Asked if she would attend a planned oil producers' meeting in Doha, Qatar, on April 17, she said she had no plans for participation. Shahdaei added that she did not know whether Oil Minister Bijan Namdar Zanganeh would attend the event. Iran has said it will not join fellow OPEC and non-OPEC members in freezing oil production to boost prices.