Private Sector Playing a Bigger Role in Petrochemicals
Private Sector Playing a Bigger Role in Petrochemicals
portion of 30 billion dollars deposits of the National Development Fund will be paid to the private sector for development of petrochemical industry.

Iranian minister of petroleum, Rostam Qasemi made the above remarks adding with regard to transfer of some petrochemical activities to private sector over the past years the industry has a bright future ahead adding it is hoped the industry to be developed further in the capable hands of private sector.

Addressing the Second Festival for Promoting Petrochemical Industry Mr. Qasemi referred to Iran s importance in the world as the holder of the second largest oil and gas reserves announcing petrochemical sector plays an important role in development of oil industry, self-sufficiency and creating jobs.

On imposing widespread sanctions against the country, Qasemi said that even though sanctions had led to some problems but they have brought about too many opportunities and we have been able to turn these threats into opportunities.

Alluding to the importance of development of oil and gas as basic commodities and changing them to high value added products, minister of petroleum noted: While during the past other countries bought crude oil and changed it into high valued added products and re exported it to our country, but today Iran is one of the major exporters of oil products.

Oil industry enjoys too many capabilities by relying on them we will achieve our fifth five year development plan s targets, Qasemi noted.

He went on to say that under the provisions of the fifth five year development plan it is planned one million barrels of oil to be added to total oil production of the country plus rising gas production to 1.4 billion cubic meters per day that are within reach by relying on domestic capabilities and efforts made by domestic manufacturers.

Elsewhere in his remarks, the minister said 70 ongoing petrochemical projects need financial resources of National Development Fund and foreign credit.

Stating that China will provide lines of credit for 20 petrochemical projects, Qasemi added, satisfactory negotiations are underway for opening other lines of credit.

The Second Festival for Promoting Petrochemical Industry was held in the morning, March 06, at IRIB Conference Center in Tehran.

63 petrochemical companies including those involved in production and services, contractors and manufacturers took part in the festival.

Head of policy making of the festival, Alimohammad Bossaqzadeh said earlier that petrochemical companies are pioneers of oil industry in view of promotion adding Iranian petrochemical industry will advance its developmental plans regardless of foreign pressures and sanctions.

The first festival for promoting petrochemical industry, hosted by Jam Petrochemical complex, was held 20th February 2011.