TEHRAN – Iran’s Free Zones High Council and National Petrochemical Company (NPC) have signed a cooperation memorandum of understanding (MOU) with the aim of balanced development of the country’s petrochemical industry in all regions.

The MOU was signed by NPC Head Morteza Shah-Mirzaei and Secretary of Iran's Free Zones High Council Saeid Mohammad, Shana reported on Wednesday.

As reported, this memorandum is aimed to provide a roadmap for the cooperation between the two entities to attract investment for the development of downstream petrochemical industries in free and special economic zones in order to produce products with higher added value and increase exports.

Speaking at the signing ceremony, Shah-Mirzaei said Iran’s Free Zones High Council is considered a strategic partner of the petrochemical industry, and considering the existing capacities mutual cooperation can be developed between the two sides.

He pointed to the MOU as the beginning of a new page in the development of the country’s petrochemical industry, saying: “Due to the vast oil and gas reserves in the country, there is a great scope for the development of the petrochemical industry, especially in the southern coasts of the country. Now the ground has been paved for the creation of infrastructures to develop the petrochemical industry on the coasts of Makran.”

Stating that the petrochemical industry is developing rapidly and completing the value chain as a strategy is being strongly pursued by the NPC, the official said: “This memorandum will determine the framework of future activities at free zones….and we can benefit from these cooperation capacities more than in the past.”

He further noted that the demand for petrochemical products in the world doubles every 20 years, adding: "Fortunately, considering the 13th government’s determination, the production capacity of Iran's petrochemical industry will double in the next 10 years, and there will be no need to import many petrochemical products."

Elsewhere in the ceremony, Mohammad in his turn pointed out the important role of the petrochemical industry in the development of the country and said: “Today, the importance of the petrochemical industry is not hidden from anyone and petrochemical industry is the driving force of the country’s economy.”

EF/MA

Photo: NPC Head Morteza Shah-Mirzaei (R) and Secretary of Iran's Free Zones High Council Saeid Mohammad exchange signed MOU documents