Iran calls for foreign investment in petrochemical sector

Iran on Tuesday invited foreign investors to get engaged in developing projects in the country's petrochemical sector, a local information network reported.

Development of downstream industries in Lorestan province, in western Iran, is an opportunity that can change the region to one of the industrial hubs, Iran's First Vice President Es'haq Jahangiri was quoted by Iran's Petro Energy Information Network (SHANA) as saying.

He said President Hassan Rouhani's Administration has plans to attract foreign investment for petrochemical development.

By completing Lorestan Petrochemical Complex, which has an annual output capacity of 300,000 tons of low and high density polyethylene, more than 100 downstream sectors will be created, Jahangiri said.

The complex will use 324,000 tons of ethylene gas per year, which is supplied through a cross-country pipeline originated in the gas-rich Assaluyeh region.

Around $270 million have been invested in the project by the Iranian Bank of Industry and Mines.

The Lorestan Petrochemical Complex now employs about 580 people, and 5,000 people are expected to be employed by downstream sectors, SHANA said.

--IANS

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