Iranian Petrochemical Industry Seeks Russian Investment for Downstream Expansion

(MENAFN) The Head of Iran's National Petrochemical Company (NPC), Morteza Shah-Mirzaei, has highlighted the interest of several Russian companies in investing in Iran's downstream petrochemical industries. Shah-Mirzaei announced that attractive investment packages have been prepared to encourage Russian participation in this sector.

Speaking at the RosPlast Exhibition in Moscow, he emphasized the NPC's focus on collaboration with Russian counterparts in areas such as technical and engineering services, technology transfer, and the export of catalysts essential for Russia's petrochemical industry.

According to Shah-Mirzaei, after conducting thorough evaluations, Russia now has the potential to export surplus petrochemical products, including styrene and polypropylene, to the Iranian market. In return, Iran aims to import technical and engineering services, particularly in the field of technology and catalysts, from Russia. This mutually beneficial arrangement would foster closer ties between the two countries and facilitate the exchange of expertise and resources in the petrochemical sector.

The long-term strategy of Iran's oil, gas, and petrochemical industry is to strengthen cooperation and partnership with neighboring and friendly nations. Shah-Mirzaei emphasized the advantages of investing in Iran, including the country's abundant oil and gas reserves, its proximity to open waters, and easy access to major export markets like India, China, East Asian countries, and African nations. Additionally, Iran boasts a specialized workforce, localized technology, and the capability to produce the necessary goods and equipment required by the industry. These factors, coupled with competitive pricing, make Iran an appealing destination for foreign investments in the petrochemical sector.

By fostering collaboration with Russia, Iran aims to leverage its strengths and enhance its downstream petrochemical capabilities. The exchange of technical expertise, engineering services, and technology transfer would contribute to the growth and development of Iran's petrochemical industry while providing Russian companies with access to a vibrant and promising market. Strengthening bilateral ties in this crucial sector aligns with Iran's broader diplomatic efforts to enhance partnerships with neighboring and friendly nations, fostering economic growth and advancing mutual interests in the oil and gas industry.



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