Iran considers launching Petchem Bank

Iran is considering establishment of a specialized bank for petrochemical investments and financing, an MP said.

Saeid Bastani, a member of the industries and mines committee of the Iranian parliament, spoke about the highlights of the committee’s Tuesday meeting which was held in the presence of Managing Director of National Petrochemical Company (NPC) Marziyeh Shahdaei.

Iran launched 6 petrochemical projects in the previous calendar year which ended on March 20, according to Shahdaei during the session, said Bastani.

Moreover, managing feedstock supplies to petrochemical facilities including ethane, ethylene and propylene were among NPC’s biggest engagements in the previous year, said Shahdaei.

Marziyeh Shahdaei, who is also deputy petroleum minister in petrochemical affairs, had added that Iran’s petrochemical production capacity will hit 72 million tons annually by the end of the current calendar year.

Facilitating foreign direct investments in petrochemical projects has been one of the greatest concerns for NPC during the previous year.

Facilitating the procurement of raw materials, helping create an export consortium to participate in international exhibitions, creating a specialized bank for petrochemical industry, introduction of the full value chain to potential investors, and engaging foreign investors and major petrochemical companies in the industry’s projects are some of the mechanisms pursued by NPC for developing downstream projects in Iran, said the MP, reporting Shahdaei.