China to fund Iran’s petrochemical catalysts project
By Gunay Hasanova
A Chinese company has expressed readiness to invest in Iran’s petrochemical catalysts project, said Majid-Reza Hariri, deputy head of Iran-China Joint Chamber.
The company has proposed a $400 million investment offer for production of petrochemical catalysts, SHANA reported citing Hariri.
The official further said that China is the main and best market of the Iranian petrochemical products, adding that Chinese companies want to participate in various sectors of Iran’s petrochemical industry.
Based on a document signed between Iran and China, the bilateral trade turnover between the two countries is expected to reach $60 billion in the next 10 years.
Iran produced 46.4 million tons of petrochemicals during the last fiscal year (ended March 20), but for the current year, the figure is planned to reach 54.7 million tons.
The country’s actual petrochemical output capacity is around 63 million tons per year. Iran hopes to bring the capacity to 120 million tons by 2020 and 160 million tons by 2025.
Iran's moves to upgrade its energy sector comes after the lifting of the international sanctions against the country on January 16, following the International Atomic Energy Agency's confirmation of Tehran’s compliance with the Joint Comprehensive Plan of Action.
The Iranian oil industry requires an injection of funds in the order of $200 billion, with $130 billion to be put into the upstream sector and $70 billion into processing facilities.
---
Follow us on Twitter @AzerNewsAz