Jul 7, 2014, 1:48 PM
News Code: 2720509
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Iran's petchem projects need $33b

Tehran July 7, IRNA - Iran needs to attract $33b investment to finance 55m tons of petrochemical projects, said a senior petrochemical official.

Mohammad-Hassan Peyvandi, deputy head of National Petrochemical Company added that the envisaged projects will fetch $26b revenues for the country, SHANA reported on Monday.

Peyvandi said that 71 petrochemical projects are currently under way with average progress at 27 percent.

The official added that the privatization of petrochemical industry has demoted NPC’s rank among world’s petrochemical companies.

Petrochemicals account for 40 percent of Iran’s non-oil exports, he noted.

Peyvandi said 12 to 15 petrochemical projects under construction are expected to go on-stream in four years to increase Iran’s petrochemical output by 10m

tons.

Peyvandi said seven methanol projects are to be financed in Assaluyeh in southern Iran, adding that they would deliver 10m tons of ethanol to world markets.

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