German chemical company BASF is planning to invest $4 billion in Iran’s petrochemical sector, according to Iran's energy information network Shana.
“The world's largest producer of chemical products will have 60% stakes in a petrochemical township it is planning to finance in southern Iran. The project will be constructed by Parsian Special Industrial Zone,” Marziyeh Shahdaei, the managing director of Iran's National Petrochemical Company (NPC) said Saturday.
Germany’s BASF has financed six petrochemical regions around the world and it plans to build seventh one in southern Iran.
Tehran is also in negotiations with Japan company Mitsui and Germany’s Linde over investments in Iranian petrochemical sector.
According to Ministry of Petroleum, Iran’s petchem output reached 35 million tonnes of product in the first 9 months of the current Iranian calendar year which began on March 21.
Planning on increasing its oil production and exports after sanctions are lifted sometime next year, Iran wants to focus also on exports of petrochemical products to diversify its energy-generated revenues that are largely dependent on oil sales at the moment.
By Ugur Ertas
Anadolu Agency
ugur.ertas@aa.com.tr