Iran seeks leap in petrochemical sector after removal of sanctions

Iran is planning for a leap in its petrochemical industry following the possible lift of international and Western sanctions against its energy and financial sectors early next year, Iran's Oil Minister Bijan Namdar Zangeneh said here on Sunday.

Iran aims to boost its petrochemical output to 70 billion U.S. dollars in the following years, and, to this end, it needs "massive investment, transfer of modern technology and marketing," Zangeneh said at an international petrochemical conference in Tehran.

Iran's private sector and foreign investors can take part in the projects, Zangeneh was quoted as saying by Iran's Oil Ministry-affiliated SHANA news agency.

"Foreign firms that used to have a representatives in Iran can launch their branch here using their brand and select their strategic Iranian partners with our support," Zangeneh said.

"The most inexpensive educated labor, access to regional markets, and holding energy resources are some of the advantages that justify investments in Iran," he added.

Also, Iranian first Vice President Es'haq Jahangiri said in the conference that development of petrochemical industry can lead to increased job opportunities in the country.

Besides, Foreign Minister Mohammad-Javad Zarif said at the conference that Iran's petrochemical industry is ready for development in the post-sanction era.

"The industry can enter a new setting following removal of the sanctions," he said, adding that "the petrochemical industry is one of the active and dynamic fields which was directly hit by the oppressive sanctions."

"It was the reason that we were urging the removal of sanctions against this industry from the beginning of negotiations with the P5+1 countries," Zarif said.

On Sunday, Christian Bruch, a member of the Executive Board of Germany's industrial gas company the Linde Group, said that the Linde Group is waiting for implementation of Iran's nuclear deal for starting off its business activities in Iran.

"Iran's petrochemical sector, given its unparalleled potentialities, can be the forerunner of Iran's economic development," Bruch said on the sidelines of Tehran conference.

Some 97 foreign companies from 25 countries, including Australia, Azerbaijan, Canada, Denmark, France, Germany, Japan, the Netherland, Russia, and United States, have participated in Iran's two-day petrochemical conference which kicked off here on Sunday.

International companies withdrew from Iran as the United States and European Union imposed sanctions on Iran's oil and gas industries during the past few years. Endit