Iran Development- 20 Petrochemical Projects to Use Foreign Credit

Foreign companies will finance more than 20 petrochemical projects in Iran, senior oil ministry officials announced on Wednesday.

Iranian Oil Minister Rostam Qassemi said this year the National Development Fund would allocate “good funds” to the ongoing projects of his ministry.

“The National Development Fund as a reliable source absorbed 20 percent of oil revenues last year which will rise to 23 percent this year and that is why it can play an essential role in financing the oil industry projects,” Qassemi said according to a report by the oil ministry’s website, Shana.

The official added that many oil ministry projects were ready to use the fund’s resources.

In another event, Qassemi said yesterday that his ministry would support the private sector’s participation in petrochemical projects.

Speaking to reporters on the sidelines of the inauguration ceremony of Butane-1 Project in Assalouyeh Energy Zone in Southern Iran, Qassemi said, “Development of the oil industry will lead to the creation of sustainable jobs in the sector.”

“Fortunately the petrochemical industry is reliant on the private sector and has started a new move towards progress by the help of this sector’s potentials,” Qassemi said.

Referring to the ineffectiveness of the sanctions, the minister said despite pressures and sanctions, the country faces no problem in selling oil or its products to world markets.

He further stressed the qualified implementation of the plans in the oil industry, and added that his ministry has made a final decision on 3400 plans which are expected to be implemented in a very qualified way.