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Germany’s BASF to invest in Iran’s petchem industry

by ChemOrbis Editorial Team - content@chemorbis.com
  • 15/12/2015 (11:00)
According to media reports, Germany’s BASF will invest in Iran’s petrochemical industry. Iran’s National Petrochemical Company’s (NPC) Director of Planning and Development, Hamid Reza Rostami, reportedly said that the petrochemical giant will invest around $6 billion in Asaluyeh where Iran is carrying out its largest gas development project.

The Managing Director of NPC, Abbas Sheri Moqaddam, also reported that Iran targets to increase its petrochemical production to 70 million tons during the next Iranian calendar year which starts on March 20, 2016. The country is also expected to attract about $70 billion in petrochemical investments by 2025. So far, several countries including France, Spain, Italy, the Netherlands, South Korea and Japan have stated their willingness to participate in Iran’s petrochemical sector during the post-sanctions period.
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