Iran to Create $150 Billion Investment Opportunities in Petchem Industry: NPC Chief

Speaking in the signing ceremony of a memorandum of understanding (MOU) with a Chinese consortium for providing technical know-how and implementation of the petro-olefin project of Fanavaran Petrochemical Company on Monday, Morteza Shahmirzaei said that signing the MoU with the subsidiary companies of the Tamin Petrochem & Petrochemical Investment Company (TAPPICO) will be the outset of the development of future cooperation of Iran’s petrochemical industry with Chinese firms.

He said about $150 billion worth of investment opportunities are being provided in Iran's petrochemical industry for the next 10 years.

The NPC chief added that neighboring countries can cooperate with Iran for investing, developing technologies and sharing technical know-how in this field.

He pointed to the longstanding history of cooperation between Iranian and Chinese companies in the petrochemical sector and appreciated the Chinese government and companies that have not been affected by the unilateralism of certain countries. 

Shahmirzaei further noted that Chinese companies can have effective cooperation in the development projects of Iran’s petrochemical industry in Mahshahr, Assaluyeh, Jask and Makran areas.

Indigenizing all technical know-how, catalysts and equipment of this industry are the main policies of the National Petrochemical Company, he said, adding that accelerating the development of industry and completion of the value chain have been cited as the main aim behind signing the MoU.

A trilateral MoU for the supply of technical know-how and implementation of the Petro-Olefin Project of Fanavaran Petrochemical Company was inked between CEO of Petro-Olefin Project of Fanavaran Petrochemical Company Navid Shahidinia and a Chinese consortium on Monday.