Iran Seeks to Attract Foreign Investment in Petchem Projects

An Iranian deputy oil minister said the country is seeking to encourage foreign investment in its petrochemical projects.

Iran’s Oil Ministry is in talks with a major European firm in a bid to facilitate the process of its participation in the country’s petrochemical projects, Managing Director of the National Petrochemical Company (NPC) Marzieh Shah-Daei told Shana news agency on Monday.

The details of an agreement between the NPC and the firm have not been finalized yet, she said, stressing that the ministry will try to attract more foreign investors this year following the removal of anti-Tehran sanctions.

Iran has placed top priority on developing its business interactions with foreign companies since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) reached a nuclear deal on July 14, 2015 and started implementing it on January 16.