Petrochemical Industry Iran needs 55 Billion Dollar: Country Will not Join OPEC Plan’s to Freeze Oil Production

Editor: Dominik Stephan

Iran has big plans – and needs money soon. The country’s Deputy Oil Minister stated that the petrochemical sector needs US $ 55 billion within the next ten years.

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Berlin/Germany – Deputy Oil Minister Marzieh Shahdaei (also President of the Iranian National Petrochemical Company NPC) stated that Iran has plans to boost the petrochemical production from 60 to 160 million tons per year within the next decade. To achieve this tremendous increase, the country needs around US $ 55 billion for a total of 60 plant projects.

This enourmous sum shall in part come from currently frozen Iranian state accounts at foreign banks but also from cooperations with international chemical companies and plant engineering firms. Due to Shahdaei’s visit to Berlin, German industrial bemeoths BASF and Linde are seen as likely candidates. Shahdaei also stated, she has no intend of attending the oil producers' meeting in Doha in mid-April, as Iran does not consider freezing oil production to boost prices – a measure currently discussed among OPEC-member states.