Foreign investors are interested in Iran's petrochemical sector but are still wary of putting their money down until the country takes a number of steps to ensure their investments, a top official told the Fars news agency.
The head of Iran's National Petrochemical Co., Abbas Sheri-Moqaddam, said the country must set competitive prices, build infrastructure and clarify the laws governing foreign investment before outsiders will invest.
Even if sanctions against the country were lifted, foreign investors would still want to see less risk in investing in the country, Sheri-Moqaddam told the Iranian news service.
The partial relief agreed to by six countries – the U.S., Britain, France, Russia, China and Germany – last November hasn't eased the pressure on the country's petrochemical industry, the executive said.
One problem is that the remaining sanctions impede transfers of funds into the country, he said.
For the year ended in mid-March 2014, Iran exported $9 billion of petrochemical products, including propane and butane. The country hopes to boost that by a third, to $12 billion, this year, Fars reported.
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