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By Sara Rajabova
Western companies are one after the other engaged in talks with Iran to resume their delayed activities or make new investments in the Islamic Republic.
Local media quote Iranian deputy petroleum minister as reportedly saying that American and European companies seek to invest in Iran’s petrochemical industries.
Abbas She’ri Moqaddam said companies from Germany, the Netherlands and Italy are already in talks with Iran and seek to re-invest in the Iranian market, should all anti-Iran sanctions leveled against the country over its nuclear program be lifted, Shana news agency reported.
Moqaddam, who is also the head of Iran’s National Petrochemical Company noted that some of those European companies have American partners who themselves have signaled their readiness to engage in such negotiations with Tehran.
He emphasized that Iran places no limits for foreign investment in its petrochemical industries.
Iran’s petrochemical industry has experienced 10 years of sluggish activity, explained Mohammad-Hassan Peyvandi, deputy head of Iran National Petrochemical Company.
Peyvandi said the infrastructure for investment will have to be created now that sanctions are widely expected to be lifted. He noted that both the Persian Gulf and Sea of Oman coasts are appropriate for petrochemical projects.
Earlier, the Iranian Association of Petrochemical Industry Corporations said the country’s petrochemical sector is capable of attracting $ 70 billion in domestic and foreign investments.
AIPC said the value of half-finished projects in Iran's petrochemical sector amounts to $70 billion, proving its “good potential” to attract foreign investment.
In the meantime, Swiss traders are eyeing to study Iran’s trade potential. Switzerland’s business representatives will be visiting Iran to explore potentials for trade, Swiss media has said.
The main goal of the visit is to determine economic opportunities, as hopes have risen for a final nuclear deal and lifting of sanctions.
Small- and medium-sized Swiss companies as well as multinationals, such as food giant Nestle, cement company Holcim and pharmaceutical company Novartis are already active in Iran, according to Iranian media.
The recent developments came as world powers and Iran reached a framework agreement in the Swiss city of Lausanne in early April. Iran and the P5+1 group of countries have reached a mutual understanding on ironing out their differences over Tehran’s nuclear program and reaching a final deal by the end of June.