Iran signals €70bn investment prospect for petrochemicals
Tehran – Iran’s National Petrochmical Company (NPC) held a major petrochemical event on 13-14 Dec, with more than 2,000 local and international delegates.
According to a statement by the NPC, the Iran Petrochemical Forum (IPF) attracted delegates from a number of leading western firms, including BASF, Siemens, Technip, Linde and Ferrostaal Topsoe.
Coming on the heels of Iran’s nuclear agreement, said the statement, the NPC aimed to use the event to unveil its post-sanctions projects and plans for further expanding Iranian petrochemical output capacity.
The NPC said that it intended to increase its capacity from its current 60 million tonnes a year (t/y) to over 138 million t/y in 2020 and eventually to 180 million t/y by 2025 with an investment of over $80 billion (€73 billion).
Among other plans, said the NPC, Iran plans to use its natural gas reserves as raw material to produce propylene and propylene derivatives to provide feed for the expansion of local downstream industries.
(Image source: Shana.ir)