TEHRAN- Iran plans to triple its installed capacity of petrochemicals in the next ten years, Iran's National Petrochemical Company (NPC) Managing director Marziyeh Shahdaie announced in a press conference on Wednesday.

She also put the current nominal petrochemical output of the country at 64 million tons and the operating output at 46 million tons.

Explaining that petrochemical industry is a sector requiring high technology and investment to be developed, the official noted, “To expand this industry we need acquiring foreign technology and also attracting foreign investment; therefore, our relations with other countries play significant role in promotion of our petrochemical sector.”

Highlighting Iran’s huge potential for development of petrochemical industry Shahdaie said, “The foreigners I met in K-Plastics & Rubber Exhibition, recently held in Düsseldorf of Germany, believed that considering its high potential Iran can be a petrochemical hub in the region.”

The NPC official mentioned some of these potentials and advantages as access to the free waters, existence of expert manpower and production of a wide range of petrochemical products, the feature that other petrochemical producers in the region lack, because they do not have both rich oil and gas reserves as Iran enjoys for producing so many petrochemical products.

She said the current policy of government for the petrochemical sector is development and growth through attracting foreign direct investment (FDI).

 ‘NPC’s mission, growth via FDI attraction’

Addressing the same press conference, NPC Director for Production Control Ali-Mohammad Bossaqzadeh underscored that considering Iran’s great potential and advantages, which are unique compared to the other countries in the region, NPC’s mission is to achieve growth and development through attracting foreign direct investment.

The official had said in early August that shareholders of some projects defined by Iranian petrochemical companies have not been designated yet and this can be a good opportunity for foreigners to apply for purchasing the offered shares.

“The ground is set for overseas investors to possess even up to 100 percent of the stakes of the defined projects,” he added at the time.

‘$50b required for 50 new projects’

NPC Director for Planning and Development Farnaz Alavi, for her part, announced that based on its new outlook, the NPC has offered 25 new projects to the applicants that their implementation requires some $25 billion of investment.

The official also mentioned diversifying products, completing production chain and also repair chain as well as improving and promoting status of Iran’s petrochemical sector in the international markets as the major objectives of the NPC.

MA/MG