Iran's petrochemical giant seeks billions of USD investment

Iran's Persian Gulf Holding Company (PGHC) is seeking financial contributions to its petrochemical projects in the current Iranian calendar year which begins on March 20, Iran's Petro Energy Information Network (SHANA) reported on Tuesday.

PGHC, Iran's major petrochemical firm, has devised a 5-year master plan based on which it seeks a certain goal every year, its CEO Adel Salimnejad told SHANA.

"For this year, we are planning to carry out a number of multi-billion U.S.-dollar projects across Iran and we need contributions to financing the projects," Salimnejad was quoted as saying.

"In the first step, we will renovate the holding's plants as much as possible and then will move on to carry out new projects to supply the domestic and international markets," he said.

Also, PGHC plans to buy stocks of lucrative petrochemical firms, he added.

PGHC is in business talks with 15 major foreign companies in a bid to finance it projects, Salimnejad said.

Persian Gulf Holding administers 60 petrochemical companies exporting up to 9 billion U.S. dollars a year.

According to the new data by the Independent Chemical Information Services (ICIS), the PGHC has the world's number 44 position and maintains the Middle East's second title. Endit