Iran Seeks Foreign Investment in Petrochemical Industry

r21.jpgTEHRAN (FNA)- Foreign investors are welcome to participate in both upstream and downstream projects of Iran’s petrochemical industry, Oil Minister Gholam Hossein Nozari said.

Addressing Iran Petrochemical Forum, the minister said foreign firms can make independent or joint investments with Iranian counterparts, IRNA said.

Nozari noted Iran’s petrochemical industry needs an investment of about $30 billion under the country’s 20-year vision plan for economic, social and cultural development.

The IRNA report said participants in the conference included senior oil and petrochemical industry experts from 118 Iranian and 76 foreign companies from 27 countries.

Topics for discussion included challenges facing Iran and the world’s energy sectors and their petrochemical industries, the role of refining in the petrochemical industry, prospects of the industry and industry-related technologies, the report said.

Separately, speaking to reporters on the sidelines of the conference, Nozari said with the completion of its capacity, Iran is currently producing 4.17 million barrels of oil per day, or 200,000 barrels a day more than last year, IRNA said.

He was quoted as saying the country, which is the world’s fourth-largest oil producer, is exporting an average of 2.4 million to 2.5 million barrels a day.

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