News ID: 137192
Published: 1147 GMT February 23, 2016

'US companies seek to enter Iranian petrochemical sector'

'US companies seek to enter Iranian petrochemical sector'

A deputy to the Iranian petroleum minister says American companies are in line to participate in Iran’s petrochemical industry.



Managing Director of the National Petrochemical Company (NPC) Marzieh Shah-Daei said Monday that in addition to European firms, US companies await to invest in the sector, IRNA reported.

“Up until now, we’ve had very good negotiations with European companies…On top of attracting investment, our goal is the transfer of latest technologies” to Iran’s petrochemical production plants, said the NPC chief.

“In addition to the Europeans, reputable American companies are in line for participation in the industry,” the official news agency quoted Shah-Daei as saying without specifying the companies.

The report said the official announcement was the first of its kind about US firms seeking involvement in the country’s petrochemical sector.

The Iranian petroleum minister said last month that the country’s petrochemicals exports have soared over the past years resting now at over 20 billion dollars.

Meanwhile, Mahmoud Mar'ashi, the project manager of South Azadegan at Iran's Petroleum Engineering and Development Company (PEDEC) has told IRNA that major companies from France, Japan and Korea have held initial negotiations with Tehran over the country’s largest oilfield.

Mar'ashi added however that the preliminary talks with France’s Vinci, Japan’s Marubeni and Korea’s Hyundai had not yet led to any contracts.

Iran has five joint fields with Iraq, which include North Azadegan, South Azadegan, North Yaran, South Yaran and Yadavaran; two of which, i.e Azadegan and Yadavaran, reportedly hold the biggest reservoirs of Iranian oil.

South Azadegan is believed to hold 42 billion barrels of oil in place, 5.2 billion barrels of which are recoverable.

Iran discovered Azadegan oilfield in 1999 in what was described as its biggest oil find in decades. The country then teamed up with Japan’s Inpex to push the project toward development. However, the Japanese firm quit as a result of anti-Iran sanctions.

Resource: Press tv
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