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Tuesday, 29 December 2015 08:19

German companies' multibillion bid to invest in Iran’s petchems

German companies' multibillion bid to invest in Iran’s petchems
A senior Iranian official says German companies seek to invest billions of dollars in Iran’s petrochemical sector following the lifting of anti-Iran sanctions.

According to Press TV, Managing Director of the National Petrochemical Company (NPC) Abbas She’ri Moqaddam said Monday that a couple of German firms have already announced their readiness to invest 12 billion euros (over USD13bn) in the country’s petrochemical industry.

The official who is also a deputy to the Iranian oil minister told a gathering in the capital Tehran on the anniversary of the NPC establishment one big German company has expressed readiness to invest eight billion euros and another is keen on investing in a four-billion-euro project.

She’ri Moqaddam also referred to foreign companies’ enthusiasm to participate in Iranian energy projects, noting that over the past months, they have engaged in negotiations with Tehran and offered a number of proposals on petrochemical plans in the country.

Iran and permanent UN Security Council members plus Germany, aka 5+1group, signed an agreement called the Joint Comprehensive Plan of Action (JCPOA) in the Austrian capital Vienna on July 14. Under JCPOA frameworks, limits will be put on Iranian nuclear activities in exchange for, among other things, the removal of all nuclear-related economic and financial sanctions against the Islamic Republic.

ME

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