Feb 15, 2020 11:27 Asia/Tehran [Updated: Feb 15, 2020 17:57 Asia/Tehran]

Tehran (IP) - Iran's petroleum minister has stressed that there is an investment opportunity worth $40 billion in the petrochemical industry, noting that $30 billion should be invested in the petrochemical industry within the next five years.

Iran PressIran news: Petroleum Minister Bijan Namdar Zangeneh made the remarks at a Conference on Development of Iran Petro Financial System (Petrofinansys 2020) in Tehran on Saturday, saying there are projects worth $12 billion in the petrochemical sector that have not yet been started. "There are also downstream petrochemical projects, which together create a $40 billion investment opportunity in the petrochemical industry," he added.

Zanganeh went on to say that the oil industry needs $25 billion worth of investments annually, and if this goal fails, the problem will spread to other sectors as well.

He pointed out that there are many ways to continue the financial life cycle of companies, adding, "We use and will utilize the National Development Fund resources, foreign finances, banking, and stock exchange."

According to Zanganeh, the required financial resources for unfinished petrochemical projects are over $30 billion and investors can finance it, "but if we can get it from micro-liquidity, investment and development in the oil industry will be expanded".

Zanganeh added that oil refineries are currently under construction, with up to $20 billion worth of investment, and will be built and invested mostly by the private and semi-private sectors.

"Because of the sanctions, access to state-of-the-art technology has been reduced but we have equipped universities to produce technology," the oil minister added.

"Financing must be done in a way that is feasible in the capital market and that people can invest wisely," the minister emphasized.

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