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China eager to invest $2.7b in Olefin 12: NPC

TEHRAN (PIN) -– National Petrochemical Company (NPC) Managing Director Gholam-Hossein Nejabat here Tuesday said that China was keen to make a 2.7 billion dollar investment in Olefin 12 plan in Iran.

Talking after an East Asia-Pacific states forum, he said the Iranian and Chinese officials held new round of negotiations, whose main topics revolved around a 2.7 billion dollar investment in Olefin 12 plan and investment in downstream and upstream oil projects in Iran. Nejabat said, “China is the first country the Iranian party will pay a visit to hold official talks.”

According to the NPC chief, the company’s output in the current Iranian calendar year (started March 21, 2007) will reach 23 million tons.

“To this end, Iran’s presence in foreign countries with the aim of doing marketing of petrochemical products plays a determining role,” he added. The port of Hong Kong was one of the world’s main markets for selling petrochemical products, said the official, adding, “We plan to have a strong presence in all fields related to trade and investment in the port.”

Nejabat said NPC would welcome foreign investments in the petrochemical sector, adding the company was determined to boost its economic cooperation with foreign countries through improving relations with Iranian ambassadors abroad.

He said Iran was holding talks with overseas enterprises on implementation of petrochemical projects worth 9.4 billion dollars. “Most of negotiations have resulted in signing memoranda of understanding and establishing companies. We are also active in every sector that has the capacity to export technical and engineering services.”

The managing director said scores of projects, including Arya Sassol Petrochemical Complex with an annual one million ton ethylene production capacity and Mehr Petrochemical Complex aiming to produce heavy polyethylene, were under construction in collaboration with investors from South Africa, Thailand, and Japan.

“NPC has also made investments in the Philippines and India; and has outlined a host of plans to have a strong presence in Venezuela, Oman, and Uzbekistan,” he revealed.

Shifting to the development of petrochemical industry in the eastern, western, and central parts of the country, Nejabat expressed hope the company would manage to build a complex in each province as President Mahmud Ahmadinejad had already ordered. “Iran accounts for 12 percent of the Middle East’s petrochemical products and 0.7 percent of the world production,” said the deputy minister, adding, “The 20-year Outlook Plan has targeted 34 percent share of the Middle East and 6.2 percent of the international output.” The official said a 50 billion dollar fund would be needed for achieving the objectives of the Outlook Plan, adding, “We invest 12.5 billion dollars in each Five-Year Economic Development Plan and the total investment in the four plans amounts to 50 billion dollars.”

Pointing to the parliament’s approval on removal of subsidies on petrochemical products, Nejabat argued that the measure would make the petrochemical market sound.

The Fourth Development Plan had allocated 12.5 billion dollars for petrochemical projects, said the ranking official, adding the projects were underway according to the Fourth Plan.

The NPC predicted that 35 petrochemical projects would come on stream by the end of Iranian calendar year 1393 (March 20, 2015).

Iran is the second largest petrochemical producer in the Persian Gulf littoral states, standing after Saudi Arabia, and will retain its position until 2010.

The inauguration of the projects in question by 2015 will considerably promote its status not only in the Persian Gulf region, but in the world.
 

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