Talks held for $13bn investment in petrochemical sector

EghtesadOnline: Deputy Minister of Petroleum for International Affairs and Trading, Amir-Hossein Zamaninia, says talks have been held after the JCPOA for attraction of $13 billion.

News ID: ۷۴۰۲۷۸

09 March 2017

“Petrochemical success after the JCPOA is undeniable; within the period, talks were held for commission of petrochemical projects to the tune of almost $13 billion,” said Zamaninia.

According to IRNA, the JCPOA was signed on July 14, 2015 after 20 months of talks by Iran, the EU and the G5+1.

The accord was legally binding on July 20, 2015 after approval of the resolution 2231 in the UN Security Council, thus nullifying six former resolutions of the Council against Iran. The EU approved the JCPOA the same day.

Majlis approved the JCPOA on October 11, 2015 as Iran’s proportionate and reciprocal action to implement the accord and with confirmation of the Guardian Council on October 15, 2015 was brought to the information of government for implementation.

The JCPOA was put in the implementation stage as of January 16, 2016 following the issuance of the report of the International Atomic Energy Agency (IAEA) regarding Iran’s abiding by its nuclear commitment and elimination of all sanctions relating to the issue.

Hence, with the JCPOA implementation, all the sanctions relating to the oil, gas and petrochemical industries were lifted and the ground was prepared for Iran’s return to the world oil market.

To this end, impediments on the way of development of the petrochemical industry were removed after the JCPOA implementation.

Attraction of investment and new technologies serve as a prerequisite for development of the industry and to that end extensive talks were held in the past months.

To meet the target of annual production of more than 120 million tons of petrochemical products by the next nine years, $50 to $70 billion investment is needed and considerable portion of the cash should be met from the foreign resources.

On the JCPOA achievements for the petrochemical industries, he said Iranian petrochemical industry is attractive for foreign investors, so, many talks have been held for their presence after the JCPOA.

Zamaninia said talks will soon be held for $13 billion investment in various sectors of the petrochemical industry.