A European firm signed a memorandum of understanding with Iran’s Damavand Petrochemical Company to make €500 million investment for completion of a water desalination project in the petrochemical complex, according to Hossein Shahriari, the managing director of Iranian company.
Shahriari said transfer of the fund is projected to be guaranteed by a European bank, the Shana news agency reported on Monday.
Previously, this renowned European firm had some cooperation with Damavand Petrochemical Company; Shahriari said, adding that it is keen to make investment in Iran’s petrochemical projects.
He did not reveal further details about the European company.
The value of Iran’s petrochemical exports is forecast to rise by 20-25 percent during 1-1.5 year after the West-led sanctions are lifted from the country, Iran’s Petrochemical Commercial Company’s Managing Director Mehdi Sharifi Niknafs said on August 15.
Based on official statistics, Iran has a capacity to produce 60 million tons of petrochemical per year. The country’s annual petrochemical export is currently about 17 million tons.
In June 2014, National Iranian Petrochemical Company’s Managing Director Abbas She’ri Moqaddam said Iran plans to boost annual petrochemical production capacity to 180 million tons from around 60 million tons currently.