China to Finance 18 Petrochemical Projects in Iran
Chinese investors will finance 18 petrochemical projects in Iran, National Iranian Petrochemical Company's Managing Director Abbas She'ri Moqaddam said.
Some $30 billion of investment opportunities have been identified in Iran's petrochemical sector, which will be certainly welcomed by European and Asian investors if the sanctions against the country are lifted, the Mehr news agency quoted She'ri Moqaddam as saying on Monday.
A line of credit has been opened for building four petrochemical plants in the country, namely the Masjed Soleiman plant, the Sabalan plant, the Lordegan plant, and the Bushehr plant, he added.
In June 2014, She'ri Moqaddam said Iran plans to boost annual petrochemical production capacity to 180 million tons from around 60 million tons currently.
Once the semi-finished petrochemical projects are completed and a number of planned petrochemical units come on stream, the country's petrochemical output will be increased to 180 million tons per year, he added.
The country needs $31 billion to inaugurate 60 semi-finished petrochemical projects, he stated.
"The finance required to implement the projects is planned to be secured through attracting foreign investment," he added.
The official said that by implementing four petrochemical plans, worth $41 billion, Iran's annual petrochemical output will witness a two-million-ton growth in the current Iranian calendar year.