Iran's government to encourage petchem investments

According to the country’s local media sources, Iranian Parliament Commission on Energy is set to fund new investments to expand Iran’s petrochemical industry.

In accordance with the country’s aim to boost its petrochemical production in the upcoming years, the Commission will reportedly support domestic production and reduce investment restrictions.

The Commission also pointed out that the country has become available to foreign investment after the lifting of the international sanctions and the new petrochemical projects would require a funding over $70 billion, mainly from foreign investors.

Previously, the officials of Iran, Turkey and Qatar signed a transportation agreement to accelerate the trade of goods between the countries by easing the existing barriers during the meeting of Iran-Turkey Joint Economic Commission. Also during the meeting, the Economy Minister of Turkey signaled a possible free trade agreement between Turkey and Iran.