A major Asian consortium is planning to invest $7 billion in Iran's petrochemical industry, according to a recent report published by the media outlet of the National Petrochemical Company, NIPNA.
According to Monday's report, the National Petrochemical Company's Investment Director, Hossein Alimorad, told NIPNA that an agreement would be signed with the unnamed consortium in the near future.
Alimorad said the group would initially invest nearly $2 billion in Iran over a three-and-a-half-year period, and in the second phase, would provide up to $5 billion in financing over a five to six-year term.
"This Asian major has announced that U.S. sanctions will not affect their activities and are in final talks for how to stay in our country and find an Iranian partner. In this regard, several leading holdings have been introduced to them," the official added.
The consortium has already constructed several major oil and petrochemical projects in Asia, Alimorad said.
He further noted that the presence of the consortium in Iran's petrochemical industry was an indicator that the development of the sector would not be hampered by U.S. restrictions.
"So far, no company has officially severed its ties with the NPC and even some European ones are seeking permits from the EU to stay in Iran's petrochemical industry," he said.
U.S. President Donald Trump announced on May 8 that the country was pulling out of the nuclear deal between world powers and Iran known as the JCPOA, and would re-impose sanctions against Tehran.
The first round of the U.S. pre-nuclear deal sanctions on Iran, largely targeting the country’s banking sector, became effective on Aug. 7.
The second round of U.S. sanctions, which is expected to come into effect on Nov. 5, targets Iran's energy sector.
By Hale Turkes