TEHRAN: Iran said on Monday that it welcomes the return of Japan’s Mitsubishi and Mitsui to its petrochemical projects.
Abbas Sheri-Moqaddam, the managing director of the National Petrochemical Company (NPC), said Mitsubishi and Mitsui had a satisfactory performance in different sections of Iran’s petrochemical industry.
Sheri-Moqaddam, speaking in a meeting with the heads of the two companies who are in Tehran on board a senior Japanese trade delegation, added that they can again participate in Iran’s projects once the sanctions against the country are lifted.
He said there is a significant potential for investment in Iran’s petrochemical industry, adding that investments in this sector promise lucrative returns.
Sheri-Moqaddam said Phase 2 of Assaluyeh and Mahshahr energy zones in southern Iran as well as Chabahar in southeastern Iran are specifically attractive options for investors.
The heads of Mitsubishi and Mitsui for their part said they are ready to resume investments in Iran once the sanctions against the country are lifted.
The petrochemical industry is the biggest source of foreign earnings for Iran after oil but US sanctions have caused exports to decline. Officials have said about $70 billion of investment is needed in the sector over the next 10 years.
Iran’s total petrochemical production capacity stands at 60 million metric tons per year which the country plans to double.
A top-level trade and diplomatic delegation from Japan is in Iran on a five-day visit in search for avenues to boost mutual cooperation in various enterprises. The delegation, which is led by Foreign Minister Fumio Kishida, arrived in Tehran on Sunday.
