A view of a petrochemical complex in Assaluyeh seaport on Iran’s Gulf coast. Once sanctions against Iran’s economy end, the country is planning to target $70bn in investment as part of an effort to increase production capacity to 180mn metric tonnes a year by 2025 from 60mn currently.
Bloomberg
Tehran
Iran, seeking to triple petrochemicals production capacity within a decade, presented about 60 projects to potential investors at an event with international companies including BASF, the world’s largest chemical company by market capitalization.
Once sanctions against Iran’s economy end, the country will target $70bn in investment from companies as part of an effort to increase production capacity to 180mn metric tonnes a year by 2025 from 60mn currently, Mohammad Hasan Peyvandi, vice president of Iran’s National Petrochemical Co, said last week in an interview in Tehran.
“The criteria for choosing a foreign partner is for it to bring in technical know-how,” he said on the final day of a two- day conference in the Iranian capital. “For us the right combination of technology and capital to be brought in by the investor is most ideal.”
Iran is preparing to rebuild its economy after more than 10 years of economic sanctions that have choked off foreign investment and access to energy markets. The Gulf nation agreed in July to accept limits on its nuclear programme in return for a removal of the curbs, which have targeted exports of petrochemicals as well as oil.
BASF, Siemens and Linde were among companies that attended the Tehran event. Potential investors should form a partnership with local companies, Peyvandi said.
