Iran Daily reported that some IRR 6 trillion worth of participation bonds will be sold in autumn to provide financial resources for petrochemical development projects. The permission has recently been issued as investing in the project will help accelerate development of petrochemical industry.

Some USD 32 billion worth of participation bonds have been sold since the establishment of petrochemical industry in the country till the end of the Third Five Year Economic Development Plan. The figure increased by USD 14 billion during the fourth plan.

In March, Mr Ali Mohammad Bassaqzadeh National Petrochemical Company's director of production said that some 98% of Iran's petrochemical industry has so far been privatized. If Persian Gulf Holding, comprising 15 petrochemical firms is privatized in the coming months the figure would reach 98%. Privatization of petrochemical companies can help improve the capability of the companies.

The official also said that unilateral sanctions imposed on Iran have caused the petrochemical industry to become self sufficient, pointing out that producing chemical products and catalysts by domestic experts helps pave the way for the progress of Iran's petrochemical industry.

Source - Iran Daily

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