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NPC Seeks NDFI Help

Source: www.gulfoilandgas.com 2/17/2015, Location: Asia

National Petrochemical Company (NPC) is seeking financial assistance from the National Development Fund of Iran (NDFI) to complete half-finished petrochemical projects, an NPC official said.

Hassan Peyvandi, deputy head of NPC, said the company has asked the government to tap the fund for 15 petrochemical projects which are already 60 percent completed.

Peyvandi said Iranian petrochemical plants are running 20 million tons below their nominal capacity. But he expressed hope that enhanced oil and gas recovery from the country’s reservoirs would provide feedstock to the plants.

He said that the petrochemical sector has been crucial for the country because it has been bringing in hard currency as oil prices keep falling.

Peyvandi said 67 half-finished petrochemical projects in Iran need around $30 billion in investment.

He said that 6% to 7% of the oil and gas produced in the country goes directly to the petrochemical industry.

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