BASF Weighs New Investment In Iran

By Chemical Processing Staff

Aug 16, 2016

BASF is considering a $4 billion investment in Iran to build new petrochemical plants near Assaluyeh, the center of Iran’s petrochemical and gas industry, according to an article from PressTV. The company reportedly signed a memorandum of understanding with the National Iran Oil Company regarding future cooperation. BASF has had business ties with Iran since 1959, according to the article, including a sales office in Tehran and a polyurethane system house for production of plastics northwest of the capital.

Munich-based Linde is also reportedly weighing a multi-billion dollar investment in Iran’s petrochemical industry jointly with Japan’s Mitsui Group. According to the article, BASF and Linde sent company executives along with German Minister of Economy Sigmar Gabriel to Iran last month to discuss building and technology transfer. A number of companies from countries including Germany, France, Spain, Italy, the Netherlands, South Korea, Japan and the US, have too reportedly expressed readiness to participate in Iran’s petrochemical projects. According to the article, petrochemicals are the biggest source of foreign earnings for Iran after oil.

Read the entire article here.

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