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Iran needs more foreign investment in petchem industry – official

20 October 2018 11:58 (UTC+04:00)
Iran needs more foreign investment in petchem industry – official

By Trend

The secretary of the Association of Petrochemical Industry Corporation said Iran’s petrochemical industry should attract more foreign investment.

"So far, the country has absorbed $50 billion in the sector of petrochemistry," Ahmad Mahdavi Abhari said, Mehr news agency reported on October 19.

He added that this industry needs another $83 billion investment in the next seven years.

The official said fluctuations in the foreign exchange market have worsened the process of petrochemical products’ exports.

Abhari said cooperatives should be allowed to get involved in this industry to create a competitive atmosphere inside the country.

According to a recent report, the export of non-oil products in the first half of the current Iranian year shows that the value of petrochemicals exports has grown by 24 percent compared to the corresponding period last year.

Meanwhile, the value of exported products, excluding petrochemicals and gas condensates, has increased by 20 percent in the 6-month period.

In March 21-September 22, Iran exported more than $23 billion in non-oil goods, up 13 percent compared to the year before.

In August, CEO of National Petrochemical Company (NPC) Reza Norouzzadeh said Iran’s petrochemical industry was "unsanctionable" and that the exports would continue on schedule.

The US has imposed fresh sanctions on Iran after withdrawing from the 2015 Iran nuclear deal and is planning to push Iran’s oil exports down to zero by November 4.

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