Iran's oil delegation in Vienna to discuss petchem investment

An Iranian oil industry delegation has set off for Vienna to introduce investment opportunities in Iran's petrochemical industry to European investors following the removal of international sanctions against Iran.

According to a report by Mehr News Agency on Wednesday, the delegation consists of senior managers of Iran's petrochemical industry, and is headed by deputy managing director of the National Petrochemical Company, Mohammad Hassan Peivandi.

During their stay in Austria, the Iranian delegates will discuss new opportunities for investment in Iran's petrochemical industry with officials of European companies.

The visit has been organized by the Iran-Austria joint chamber of commerce.

In addition to Peivandi, the Iranian delegation also includes Adel Salimnejad, managing director of the Persian Gulf Petrochemical Holding Co., and a group of petrochemical industry executives.

Iranian delegates are scheduled to take part in a meeting with European, especially Austrian, investors and company executives on Thursday to introduce and discuss new opportunities for investment in Iran's petrochemical industry.

Before Iran's nuclear talks with the P5+1 group of countries reached their conclusion last week, Peivandi had said that if talks between the two sides were successful, Iran's petrochemical industry would be able to pursue its development goals.

Last Tuesday, Iran and the P5+1 group – the US, the UK, Germany, France, China, and Russia – reached the conclusion of over a decade of negotiations on Tehran’s civilian nuclear program, with the Islamic Republic and the sextet sealing an agreement, which is a prelude to the Joint Comprehensive Plan of Action (JCPOA) between the two sides.

According to the agreement, all economic and financial sanctions against Iran will be removed through the Security Council resolution, which was adopted on Monday. In addition, all bans on Iran’s Central Bank, shipping, oil industry, and many other companies will be lifted.

A few hours later on the same day, Abbas Sha’rimoqaddam, deputy oil minister and managing director of the National Petrochemical Company, said Iran's petrochemical sector is ready to attract more foreign investment after Iran reached the conclusion of its nuclear talks with the P5+1 group.

“Following the announcement of the Joint Comprehensive Plan of Action, foreign investors will rush to Iran for investment, especially targeting the country’s oil and petrochemical industries,” he added.

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