Mon Dec 22, 2014 | 23:25
Iran petrochemical projects attract $5bn
Mon, 23 Aug 2010 16:31:42 GMT
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Head of National Iranian Petrochemical Company (NIPC) Abdolhossein Bayat
Ten foreign investors have poured 5.1 billion dollars into Iran's petrochemical industry, the head of the National Iranian Petrochemical Company (NIPC) says.

"The NIPC has set up a firm in the United Kingdom to attract foreign investors and finance [petrochemical projects]," Abdolhossein Bayat said on Monday.

“We have entered negotiations with foreign investors on three big projects with an estimated value of $2.2 billion,” Bayat told IRNA.

He stressed that Tehran was firmly pursuing development plans aimed at becoming the number one producer of petrochemical products and materials in the region in terms of value.

Last year, the overall production of petrochemical products was about 4 million tons which indicates 95 percent of Iran's petrochemical development plans has been implemented, Bayat said.

NIPC earlier announced that Turkey plans to assist Iran with the construction of two petrochemical plants in southern and western Iran.

The announcement comes as the United States has voiced impatience with continued foreign cooperation in Iran's energy sector, despite its latest unilateral sanctions targeting Iran's oil and gas industry.

Last week, the US urged Turkish officials to comply with Washington's sanctions against Iran. A Turkish foreign ministry source said Ankara had responded that it did "not feel itself bound to adhere to any sanctions other than those enacted by the UN."

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