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Official Calls for Facilitating Foreign Investments

Source: www.gulfoilandgas.com 8/18/2015, Location: Asia

Head of Irans National Petrochemical Company (NPC) Abbas Shari-Moqaddam has called on the government to make efforts and take the necessary measures to lay the groundwork for welcoming foreign firms in Iran now that western sanctions on the country are hoped to be lifted following the Vienna deal on Irans nuclear program.

"We must provide the infrastructure in such a way that things are OK for the return of foreign companies and investors in the petrochemical sector; and this requires numerous qualifications," said the top petrochemical official.

He said the formula for setting the price of feedstock to petrochemical plants must be finalized so the prices will become more competitive with other countries.

The NPC chief also called on the government to set the required infrastructures needed for the return of foreign investors in the countrys petrochemical sector, and said regulations must become stabilized as well to this end.

"These steps must be taken for foreign investors to return to the country, otherwise, investors shall not be willing to come to Iran because they will not have a prospect for the future of their activities," he said.

Iran and the P5+1-Britain, the US, France, China, Russia and Germany - struck a nuclear deal on July 14, capping 20 months of intensive talks. Based on the agreement, Iran will limit its nuclear activities in exchange for the lifting of western sanctions on its vital economic sectors.

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