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Investors from Japan, India and China to entry Chabahar Petchem Hub

Staff writer |
Investors from Japan, India and China have indicated interest to fund development of petrochemical projects in Chabahar Petrochemical Hub, an official with the hub said.

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Addressing reporters, Hassan Malek Esmaeili, Manager of Makran Petrochemical Complex in Chabahar, said Chabahar Petrochemical Complex is poised to become the region's petrochemical hub now that hopes are high for removal of western sanctions on Iran following the July 14 deal Tehran struck with world powers in Vienna, the oil ministry website reported.

He said the complex is being developed for the annual production of 23 million tons of petrochemicals.

"Once completed, the complex will be regarded as a major leap in the country's petrochemical development," he said.

Chabahar Petrochemical Complex, located in Sistan Balouchestan province, is being funded by private sector financiers and will need $11b for its completion in three phases.

Phase I development of the complex will add 8.1mt/y of petrochemicals to the country's output. The output is to be sold on world markets fetching $5b for the country. It will also create 20,000 direct and 60,000 indirect jobs.

"During the visit from Iran, investors from Japan, India and China visited the Chabahar and assessed investment opportunities in its petrochemical complex," he added.

Chabahar petrochemical hub is of special significance due to its proximity to high seas.

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