Iran Seeking $70 Billion to Triple Petrochemicals Capacityby
Country plans to export half of petrochemical production
Iran presented 60 projects to companies including BASF
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 SE, the world’s largest chemical company by market capitalization.
Once sanctions against Iran’s economy end, the country will target $70 billion in investment from companies as part of an effort to increase production capacity to 180 million metric tons a year by 2025 from 60 million currently, Mohammad Hasan Peyvandi, vice president of Iran’s National Petrochemical Co., said Monday 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 Persian Gulf nation agreed in July to accept limits on its nuclear program in return for a removal of the curbs, which have targeted exports of petrochemicals as well as oil.