German Investors Pledge $13b for Iran’s Petchem Projects

German Investors Pledge $13b for Iran’s Petchem Projects
German Economy and Energy Minister Sigmar Gabriel (L) speaks alongside Iranian Oil Minister Bijan Namdar Zanganeh during a press conference in Tehran on July 20, 2015. AFP PHOTO / ATTA KENARE

Two German companies are seeking to invest $13b in Iran’s petrochemical projects in Ian, following the lifting of sanctions, reported Press TV quoting Managing Director of Iran’s National Petrochemical Company (NPC), Abbas She’ri Moqaddam.

Earlier in August, Germans had signed an agreement to build wind-powered and solar plants in the southwestern Khuzestan province to generate 100 MW and 400 MW, respectively.

German’s overall investment in wind farms construction is reported to reach $331m.

NPC’s Managing Director also referred to foreign companies’ eagerness to participate in Iranian energy projects based on months of ongoing pre-negotiations with Tehran.

Iran continues hosting high-profile meetings between potential foreign investors and Iran’s petrochemical industry’s representatives, Trade Arabia informed.


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