With the aim of attracting foreign investment and boosting its petrochemical industry, Iran will hold its 12th annual International Petrochemical Forum (IPF) on Dec. 13-14 in Tehran, Iran's Press TV said on Saturday.
Over 300 companies from Iran in addition to around 100 foreign petrochemical firms, including companies from Canada, Denmark, France, Germany, Italy, Spain, Japan, Switzerland, Russia, the U.K., Australia, India, and the U.S., are expected to take part in the event.
The IPF Secretary Mohammad-Hassan Peyvandi said 'foreign companies are particularly interested in exploring opportunities for investing in Iran’s petrochemical industry specifically now that the sanctions against the country are about to be removed,' according to Press TV.
'Iran’s policy will be to encourage investors to bring their technology into Iran’s petrochemical industry, which will eventually help boost the country’s technical capabilities in this crucial sector,' Peyvani was quoted as saying by Press TV.
Iran's petrochemical production capacity is currently more than 60 million metric tons a year, while Tehran aims to increase this capacity by introducing new plants.
The country, which aims to boost its oil production and exports after the removal of sanctions, also wants to shift its focus gradually to petrochemical products and exports in order to divert its overdependence away from revenues of crude exports in the face of low oil prices.
While Tehran targets Europe as a major market for its petrochemical exports, Press TV said Iran can export more than 2.5 million tons of petrochemical products to Europe annually at its current rate.
The IPF conference will discuss post–sanctions opportunities for investment in Iran’s petrochemical industry, the investment climate in Iran, the impact of volatile energy prices on the petrochemical industry, and other topics regarding the oil industry, oil products and the petrochemical sector of Iran, according to the IPF website.
The conference will be inaugurated by Iran's First Vice-President Eshaq Jahangiri, Oil Minister Bijan Zangeneh, Foreign Minister Javad Zarif, Deputy Minister of Petroleum and President of Iran's National Petrochemical Company Abbas Shari Moghadam, and Vice President of National Petrochemical Company and the forum's Chairman Mohammad Hassan Peyvandi.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr