Foreigners Reluctant to Invest in Iran’s Petrochemical Projects
The recent rounds of international sanctions on Iran’s economy have directly affected the bilateral ties of foreign-based companies with Iranian petrochemical industry. Accordingly, a large number of foreign companies have stopped investing in Iran’s oil and gas industry. These companies have decided to invest their moneys in Qatar’s gas fields. In early 2000s, more than 100 foreign banks and foreign companies were involved in Iranian petrochemical industry.
“By attracting foreign investments to Iran’s petrochemical industries, the country will be able to increase its productions significantly. However, the recent rounds of sanctions have made many problems for companies willing to invest in Iranian oil and gas fields.” Hossein Aliabadi, an Iranian economist, told the Herald Boy.
“Earlier this year, local economists warned Iran’s Oil Ministry with regard to economic embargoes. We have already asked the Iranian government to find new solutions for circumventing the current barriers. At the time being, Iran can take up to $50 billion investments in its gas fields in the hope of enhancing the local petrochemical industries.” Hossein Aliabadi added.
The economist also went on to say that only Chinese corporations are currently investing in Iran’s gas fields. “According to the agreements between Iranian and Chinese governments, China-based companies are investing in Iran’s gas fields. We highly recommend the Iranian government to reduce its dependence on Chinese investments.”