TEHRAN- Iranian petrochemical industry has signed memorandums of understanding (MOUs) on attraction of $10 billion foreign direct investment (FDI) with European and East Asian countries over the past one and half years, according to a petrochemical director.

Hossein Alimorad, director for investment affairs in Iran’s National Petrochemical Company (NPC), told IRIB news that the MOUs have been mainly with Germany, Britain, France and China.

The official did not elaborate on details of the MOUs.

He said Iranian petrochemical industry achieved desirable self-sufficiency during the sanctions time; adding that foreigners’ willing for cooperation in Iran’s petrochemical sector has doubled after they were informed about the sector’s potentials.

After the implementation of Iran’s nuclear deal (officially called Joint Comprehensive Plan of Action which lifted sanctions against Iran in January 2016), NPC has received high willingness from European companies for cooperation with Iran in the petrochemical sector both in financing and licensing, according to Farnaz Alavi, the NPC director for planning and development.

Also, addressing the inaugural ceremony of the 13th edition of Iran Petrochemical Forum (IPF), which was held in Tehran on April 22 and 23, Oil Minister Bijan Namdar Zanganeh said that the future of Iran’s petrochemical industry is promising after the implementation of JCPOA.

Given that Iran ranks the first and fourth in the world in terms of gas and oil reserves, respectively, no country enjoys feedstock as much as Iran to develop its petrochemical industry, the minister highlighted.

MA/MG