Managing Director of National Petrochemical Company (NPC) Marziyeh Shahdaei said two memoranda of understanding (MoU) have been signed with European giants Linde and Total, and two other MoUs are under in the near future, saying the deals were struck because of the sanctions’ removal.
Addressing a news conference on Monday, Shahdaei underlined the Rouhani administration’s petrochemical achievements over the course of the past 3 years, saying the country’s petrochemical production capacity has increased to hit 60 million tons per year from 55mt/y under the previous administration.
She said the figure will cross 100 mt/y within the next 5 years and will hit 140 mt/y by the next 10 years.
Marziyeh Shahdaei, who is also deputy petroleum minister in petrochemical affairs, further said two more landmark deals are under way with two other leading energy and chemical heavyweights by NPC.
She said an MoU takes about 12 to 14 months before it can become an agreement.
She said the country will add at least 7,000 tons to its petrochemical production capacity in the H1 of the next calendar year which starts late in March 2017.
Shahdaei said there are several projects that are 85 to 90% complete and will come on-stream before the end of the administration’s tenure in 2017.
Elsewhere, she said Iran would need an investment of nearly 20 billion dollars for fulfillment of 44 projects within the next 5 years.
Furthermore, NPC has defined another 28 projects which will need at least $30b by the next decade.
She said new petrochemical hubs are in the making in the Chabahar and Parsian Energy regions besides another one in the Jusk region.
Speaking of the deals with Total and Linde, Shahdaei said the ceiling of the deals is yet to be finalized.
“Total needed assurance with regard to feedstock supply, and we introduced ethane liquid feedstocks for their projects,” the NPC chief added.
She said NPC’s conditions for operation of foreign companies in Iran include partnership with Iranian companies, employing domestic savvy and skilled workforce, manufacturers and advisors, and completion of the value chain.
