Foreign Companies Signaled Positive Pulses on the U.S. Return to JCPOA
IRAN NEWS ECONOMIC DESK
TEHRAN – Head of Iran’s National Petrochemical Company (NPC) Behzad Mohammadi says major foreign companies have signaled positive pulses regarding the U.S.’s probable return to the JCPOA, saying the petrochemical industry will see more projects to come on stream this year.
Speaking in a press conference on the National Petrochemical Industry Day, Mohammadi said that 17 projects with the investment of $11b will come on stream by the end of the current Iranian calendar year, adding that so far 9 projects have been inaugurated and the remaining eight projects will be inaugurated by the yearend. He noted that by inauguration of the remaining projects, 25m tons will be added to the capacity of the industry and it will increase to 90m tons per year. He admitted that due to the coronavirus pandemic there has been some delay and one or two projects may be inaugurated next year.
He said petrochemical industry is strengthening its position in the country as the industry number one and it is also strengthening its position in the national economy more and more. He noted the valuable achievements of this industry indicate the ineffectiveness of the imposed sanctions against its companies and managers.
Mohammadi pointed to the production sector in the petrochemical industry, saying that the number of production complexes was 55 last year and currently it is 64 complexes and it will reach 70 by implementation of the new projects.
He said almost 30 percent of the petrochemical projects are consumed in the country and 70 percent are exported to different countries.
He referred to the diversity of products, saying that currently 90 types of petrochemical products are produced in the country as 18 are polymeric and they are produced in 333 grades.
On the probability of the U.S. return to the nuclear deal with Iran, the JCPOA, and effects of it on the development of petrochemical industry and rise in the exports, he said this change would help the country in the fields of transfer of technology and above all attraction of foreign investment between 80 to 180 billion dollars, noting that foreign investment can definitely boost the industry.
Mohammadi added that currently they have not started talks with any foreign company but they have received positive pulses from some major foreign companies on the possible return of the U.S. to the JCPOA.