10 petchem projects may come online next year

10 petrochemical projects will come online by the next year provided that the banking system finances them on time, National Petrochemical Company (NPC) head Abbas Sheri Moqqadam said. Speaking to Shana Sheri Moqqadam said if banking system provides new financial resources petrochemical sector will be able to realize fifth five year development plans targets defined for the sector. We have given priority to 10 petrochemical plans which can raise production capacity of petrochemicals by 5 million tons. We also have asked CBI and Money and Credit Council to facilitate our access to financial resource in order to advance the projects, he said. Reforming some of existing regulations in the banking system of the country will facilitate investment in petrochemical sector; he noted adding Iran’s petrochemical sector enjoys high potentials for boosting investments. Earlier Iranian minister of petroleum Bijan Namdar Zanganeh had expressed hope the value of petrochemical products to double reaching 40 billion dollars per year by activating idle capacities in the sector. According to Zanganeh, petrochemical sector can generate wealth through completion of value chain in downstream sector, creating jobs and curbing selling row materials.