German Companies Propose $12 bn Investment in Iran's Petrochemical Projects

German firms have proposed to invest over $12 billion in Iran’s petrochemical projects.

"Two leading German companies have indicated their interest to bankroll petrochemical projects as much as €12bn in Iran in the post-sanctions era," state owned media outlet Shana quoted Abbas Shari-Moqaddam, managing director if National Petrochemical Company (NPC) as saying.

Speaking on the sidelines of the 51st anniversary of NPC's formation, Shari-Moqaddam, who is also deputy petroleum minister in petrochemical affairs, said recent international developments have paved the way for entry of foreign companies into Iran.

He said NPC has to shift its strategies in order to become ready for the new era that the country is moving towards after the sanctions removal.