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BASF eyes resuming business in Iran once sanctions off

BASF eyes resuming business in Iran once sanctions off

Date: 17 December 2015 15:22

Baku, Azerbaijan, Dec. 15

By Farhad Daneshvar – Trend:

BASF, a leading petrochemical producer, plans to resume its business in Iran after the removal of international sanctions, the company's official told Trend Dec. 15.

“As soon as the existing sanctions against Iran are lifted by the so-called ‘Iran Deal’ (Joint Comprehensive Plan of Action of July 14, 2015) and business activities are again extensively permitted, BASF plans to resume business accordingly,” Ursula von Stetten, a BASF spokeswoman, said.

She added that BASF has very good and long-term business relations with its customers in Iran and has been active in the country without interruption since 1959.

However, von Stetten didn't comment on a recent Iranian media report on BASF's $6 billion investment plan in Iran’s Pars Special Economic Energy Zone.

BASF continues to observe current developments very closely, and the company strictly observes all national and international legal requirements, she said.

On 14 December, Hamidreza Rostami, director for planning at the National Petrochemical Company of Iran said that BASF plans to make an investment of $6 billion in Iran’s Pars Special Economic Energy Zone.

He said BASF has decided to make direct investment in Iran, bringing in capital, technology, management and a guaranteed market for products.

The production of Iran’s petrochemicals stood at 44.5 million ton last year which increased by 10 percent year-on-year. Iran is planning to boost its petrochemical production to 47 million ton by March 2016.

The Islamic Republic plans to attract $70 billion to develop its petrochemical projects aimed at increasing its production level to 120 million ton by 2020 and 180 million ton by 2025 annually.

Since 2002 when Iran's nuclear program became public, the UN, EU, US and several countries imposed sanctions against Tehran justifying the move as an attempt aimed at preventing the Islamic Republic from developing a nuclear weapon. Iran refused that its nuclear program had military dimensions and said its nuclear activities are peaceful.

The sanctions where intensified in mid-2012 targeting Iran’s economy and industry particularly its petroleum sector.

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