BAKU, Azerbaijan, September 16. The Persian Gulf Petrochemical Industries Corporation (PGPIC) has secured an investment agreement with two Chinese companies, current CEO of the corporation Abdulali Ali Asgari announced the target during a recent management meeting, Trend reports.
This strategic move is designed to attract significant foreign investment for the company's development programs.
Asgari emphasized that PGPIC's current regulatory framework necessitates additional foreign capital. The holding has engaged with several Chinese firms, ultimately formalizing partnerships with two to establish joint ventures aimed at achieving future growth objectives.
While PGPIC has not disclosed the names of the Chinese companies involved or further details of the agreements, Asgari highlighted the investment trends over recent years. He noted that three years ago (March 2021 - March 2022), the holding's investment was 170 trillion rials (approximately $393 million). Two years ago (March 2022 - March 2023), the investment increased to 580 trillion rials (approximately $1.34 billion), and last year (March 2023 - March 2024), it reached 720 trillion rials (approximately $1.67 billion). For the current year (March 2024 - March 2025), the investment is expected to exceed 500 trillion rials (approximately $1.16 billion).
PGPIC is one of Iran's leading petrochemical companies, with an annual production capacity exceeding 20 million tons. The company plans to increase its production to 46 million tons by 2026.