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Iran Eyes $10b in Petchem Finances

(Wednesday, April 26, 2017) 17:53

TEHRAN, Apr. 26 (Shana) -- Iran's petrochemical industry will most likely have absorbed 10 billion dollars in foreign investments by the end of the current Iranian calendar to March 20 2018, a senior oil official said.

Amir Hossein Zamani Nia, deputy petroleum minister in international affairs and trading, said given the fact that talks with several foreign investors are nearly complete, 10 billion dollars will be invested in petrochemical development projects by foreign financiers in Iran before the end of this calendar year.

He predicted that the current calendar year of 1396 will be a booming year for the petrochemical sector of Iran, adding negotiations with foreign developers are on the go in all sectors of the oil industry including the petrochemical sector.

A senior diplomat, Zamani Nia said the talks will, hopefully, lead to 50 to 80 billion dollars of investment in oil, gas and petrochemical projects in Iran. 

"Petrochemical industry is a popular sector in which return on investment is guaranteed and security of investment is one of its major features," he said.