Baku, Azerbaijan, Sept. 13
By Fatih Karimov - Trend:
A European bank will invest in building a gas-to-propylene (GTP) plant in Iran with the capacity of 120,000 tons, Iranian Deputy Oil Minister Abbas Sheri Moqaddam said.
The GTP plant will be established in a joint venture with the National Iranian Petrochemical Company, Iran's Shana news agency quoted Sheri Moqaddam as saying on September 13.
He did not reveal further details about the European bank, but said that 90 million euros should be invested in the project.
The Islamic Republic of Iran has planned to attract $70 billion investment in the next 10 years to increase petrochemical output to 180 million tons per annum.
Before sanctions were imposed in mid-2012, Iran was exporting about 21.226 million tons (MT) of petrochemical products worth $15 billion. But the figure decreased to 14.492 MT in a fiscal year corresponding to 2012 and this level had been kept unchanged until last year, when the figure increased by 18.8 million tons.
