An official at the Irani state-run National Petrochemical Company (NPC) said that Iran is seeking investment to build 25 petrochemical projects, Reuters reported.
NPC’s Director for Planning and Development, Farnaz Alavi, said that the company is is proposing joint or individual investor participation in building the projects. She added that Providing feedstock for five more projects was also being studied, according to Tasnim News Agency.
In July, Alavi had said that $32b in foreign investment was needed to build 28 petrochemical projects. The projects include factories to produce ammonia and urea, as well as gas-to-olefins (GTO) and gas-to-propylene (GTP) plants. The lifting of international sanctions in early 2016 has allowed Iran to seek foreign investments and revive its economy and petroleum sector.
This came as earlier January, Iran had named 29 companies from more than a dozen countries as being allowed to bid for oil and gas projects using the new, less restrictive Iran Petroleum Contract (IPC) mode. Iran hoped its new IPC, part of an effort to sweeten the terms it offers on oil development deals, would attract foreign investors and boost production. Thus, Iran aimed to attract more than $100b in foreign investment to speed growth in its energy industry.