Speaking to NIPNA, the official media outlet of National Petrochemical Company (NPC), Hossein Alimorad, director of
investment at NPC, said an agreement will be signed with the consortium in the
near future, adding, the group will initially invest nearly $2 billion in Iran over
a 3.5-year period, and in the second phase, will bankroll petrochemical
projects by up to $5 billion of finances in a 5 to 6-year period.
"This Asian major has announced that US
sanctions will not affect their activities and are in final talks for how to
stay in our country and find an Iranian partner; in this regard, several leading
holdings have been introduced to them," the official added.
The consortium has already constructed several
major oil and petrochemical projects in Asia, Mr. Alimorad added.
He further said that the presence of the
consortium in Iran's petrochemical industry indicates that development of the
sector would not be hampered by US restrictions.
"So far no company has officially severed its
ties with NPC and even some European ones are seeking permits from the EU to
stay in Iran's petrochemical industry."