51959
Petrochem Sector Needs $72b in Foreign Investments
Petrochem Sector Needs $72b in Foreign Investments
  1. Energy

Petrochem Sector Needs $72b in Foreign Investments

  1. Energy

Petrochem Sector Needs $72b in Foreign Investments

Iran wants to attract $72 billion in foreign investment for 80 major petrochemical projects in line with plans to triple petrochemical production over a decade, the top petrochemical official said in a conference in Germany on Thursday.
"We have 80 petrochemical projects, including 30 new ones, that require investment under the sixth five-year economic development plan (2016-21)," Marzieh Shahdaei, head of state-run National Petrochemical Company said at "K 2016" trade fair in Dusseldorf which is focused on the international plastics and rubber industry, Shana reported.
The 30 new projects aimed at raising petrochemical output capacity by  50 million tons a year, need roughly $40 billion in foreign investment, she said, adding that the 50 existing projects, with a planned annual production capacity of 41.3 million tons, require more than $32 billion for completion.
Iran's petrochemical production capacity is around 60 million tons a year. Tehran hopes to boost the capacity to 130 million tons a year by 2020 before reaching its lofty goal of 180 million tons per annum by 2025. According to Shahdaei, Iran holds 38% of the petrochemical market in the Middle East, but only produces 4.8% of the world's petrochemicals a year despite sitting on some of the world's largest crude oil and natural gas reserves.
Economists, academia and social scientists have for decades appealed to governments and policymakers to use the huge crude and natural gas reserves to produce quality petrochemicals with a higher value-added. The calls in line with the crucial need to strengthen and diversify the   economy that is largely dependent on the vulnerable and unstable oil export revenues.

 

Short URL : https://goo.gl/VUjtXd
  1. https://goo.gl/FpAhrT
  • https://goo.gl/PhoU6R
  • https://goo.gl/LHLtRk
  • https://goo.gl/LG5BN8
  • https://goo.gl/vamwx2

You can also read ...

Iran Starts Drawing Crude Oil From South Pars
March 20, 2017 - Iran has started oil production from the...
NIOC is in talks with Russia’s Gazprom to develop the second phase of Azar Oilfield.
Negotiations are underway with Iraq to develop three joint...
Huge Gas Discovery Off Egypt Sign of More
The discovery of a huge natural gas deposit in Egyptian waters...
IWPCO to Hold Tender for Karun II Dam, Power Plant
Iran Water and Power Resources Development Company has invited...
Germany's EON Posts $12.7b Loss
German energy giant EON said on Wednesday that it booked a...
New Measures to Help Reduce Energy Consumption
Tehran Construction Engineering Organization (TCEO) signed a...
IEA: Oil Market Could Tilt Into Deficit
 production last year, but if OPEC maintains its output cuts,...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus