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NPC Official: Preliminary Approval Granted for 24 New Petchem Projects

NPC Official: Preliminary Approval Granted for 24 New Petchem Projects
(Sunday, March 10, 2024) 12:57

TEHRAN (NIPNA) - Reza Nikouei, the investment director of the National Petrochemical Company (NPC), announced that preliminary approval for 24 petrochemical projects has been issued through the government system during the calendar year 1402 (which began on March 21, 2023).

Additionally, the extension system for preliminary approval of petrochemical industry projects will become operational from the beginning of the next year.

Speaking on the sidelines of the second session of the Capital Market Expert Working Group, Nikouei stated, "Following the successful organization of the first Financing and Investment Conference in the petrochemical industry, which was well-received by capital market experts, the establishment of the Petrochemical Industry Financing Clinic was initiated. Sessions are being held to address the financial needs of ongoing petrochemical projects."

Nikouei elaborated, "Specialized and technical sessions are being held to address the financial needs of petrochemical projects, with the aim of resolving these issues. In this regard, three working groups have been formed, one of which is the Capital Market Working Group."

"The petrochemical industry annually requires approximately $7 billion in capital for the development of its projects. While the capital market alone cannot meet this figure, the active role of market participants can pave the way forward. Market experts can present new ideas for attracting new investments," Nikouei added.

Reflecting on the second session of the working group, Nikouei remarked, "The discussion on capital mobilization from people's assets and attracting domestic and foreign investments was brought up. The proposed idea needs to be professionally and technically evaluated to proceed with its implementation. Hopefully, we can finalize this matter in the next session."

Nikouei also mentioned that two new ideas would be discussed in the upcoming session. He expressed satisfaction with the constructive opinions and perspectives presented by market experts for financing petrochemical projects, emphasizing that collaboration between Iran's petrochemical industry and the capital market can be highly effective.

"The new and innovative ideas presented in these sessions can lead to the financing of petrochemical projects using novel methods," Nikouei concluded.

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