Friday 29 March 2024
 
»
 
»
Story

BASF to invest in Iran

BASF plans $4bn investment in Iran petchem industry

IRAN, February 14, 2016

Germany-based BASF, a leading chemical company, has announced plans to invest around $4 billion in Iran’s petrochemical industry, a report said.

The negotiations are underway with BASF to construct a petrochemical township in southern Iran, Marziyeh Shahdani, managing director of the National Petrochemical Company (NPC), was quoted as saying in The Iran Project report.

BASF will have a share of 60 per cent in the project which will be constructed in Parsian Special Industrial Zone, it said.

Hamid Reza Rostami, NPC director for planning affairs, said in December last year that BASF’s planned investment in Iran will also involve a guaranteed market as well as the transfer of technology.

He added that BASF has decided to make direct investment in Iran, bringing in capital, technology, management and a guaranteed market for products.

Iran has already unveiled plans to become the leading producer of petrochemicals in the Middle East by significantly expanding the range and volume of its petrochemical production, added the report.




Tags: | petrochemical | Iran | Germany | BASF |

More Industry, Logistics & Shipping Stories

calendarCalendar of Events

Ads