The head of National Petrochemical Company (NPC) has said that foreign financiers are expected to flock to Iran’s market after a nuclear deal is finalized with six world powers.
“After July 1 this year, foreign investors would flock to Iran, particularly to the oil and petrochemical industry and doubtlessly we have to prepare ourselves for such an event from now,” Abbas Sheri-Moqaddam said.
He said that after much-expected finalization of Iran’s nuclear deal with world powers by July 1 deadline, the NPC would be ready to bring about major developments in the petrochemical sector.
He said that the petrochemical industry needs a high level of investment and state-of-the-art technology.
“Under the present circumstances, this industry needs $8 billion a year of investment to make up for its backwardness,” he said.
Sheri-Moqaddam said Iran produced 44.4 million tons of petrochemicals in the last calendar year which ended on March 20, up 10% year-on-year.