Iranian banks to invest in 60 petrochemical

Bayat told the oil ministry website, Shana, that the petrochemical sector needs 50 billion dollars of investment to achieve its goals under the fifth five year development plan's terms. He went on to say that if this amount does not materialize through investments by agent banks and investors, the projects won't come online on schedule. Stating that 6 billion dollars should be invested in the petrochemical sector annually, the official noted that meeting financial needs is one of most concerns of the sector. Referring to the slow process of reviewing petrochemical projects by banks, Bayat said it is expected related banks to speed up the process to prevent inflicting damage to the projects. "Investment in the petrochemical sector and comprehensive support for the sector is a clear sign of the implementation of the Supreme Leader's orders for national production and supporting Iranian labor and capital," he said. "Expanding basic petrochemical products variety from 25 to 85 and completion of the value chain of the petrochemical products are among the other plans of the petrochemical industry during the fifth five development plan up to the 2015," the official noted. "Creating five petrochemical hubs in Chabahar, Sarakhs, Lavan, Qeshm and Kish along with building petrochemical centers first in Assalouyeh and Mahshahr in Southern Iran are among the other investment opportunities in the petrochemical sector," Bayat concluded.