TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said more than $30 billion is required to complete unfinished petrochemical projects across the country, IRNA reported.

“Over $30 billion is needed to be invested in the country’s petrochemical industry within the next five years,” Zanganeh said on Saturday.

Speaking in a seminar on the development of the oil industry’s monetary system in Tehran, Zanganeh added: “domestic companies are able to make such an investment, but if we can get it from micro-liquidity, there would be a greater chance for development in the oil industry.”

Underlining the importance of investment in the oil industry, the official noted that, every year, more than $25 billion is required to be invested in the country’s oil industry and if this doesn’t happen in other areas of the economy would also suffer the consequences.

“There is only $12 billion worth of petrochemical projects which have been finalized but have not yet been started; there are also downstream and midstream projects, which together create a $40 billion investment opportunity in the petrochemical industry,” he added.

Some petro-refinery and refineries are also set to be constructed across the country which would require up to $20 billion and will be built and invested mostly by private and semi-private companies, he noted.

He further noted that most of the investment in the gas sector is done by the government, adding that the private sector could become involved in gas storage projects. 
“In oil projects such as exploration and production, we do not expect Iranian companies to accept the high risk of exploration projects, but there is a high potential for maintenance projects,” he stressed.

EF/MA