IRAN: BASF says USD 4 billion investment plan in Iran "rumor"

BASF has called the Iranian top official's statement about this company's USD 4-billion investment plan in Iran "a rumor".

The managing director of Iran’s National Petrochemical Company (NPC), Marzieh Shahdaei announced on 12 Feb 2016 that the world’s largest chemical company, Germany’s BASF, has announced readiness to invest USD 4 billion in a petrochemical project in Iran.

"BASF intends to take a 60 % stake in the first phase of investment in Parsian Special Energy Zone, southern Iran,” Shana news agency quoted her as saying.

The remaining 40 % investment will be secured by Iranian companies, Shahdaei said, adding that the German company is willing to raise the volume of investment in the next phases of the project.

Answering to Trend News Agency about the issue, the Vice President at Communications & Government Relations of BASF Group Elisabeth Schick said on 14 Feb 2016 that "BASF does not comment on rumors".

Before, the NPC director for planning, Hamid Reza Rostami also said in December 2015 that BASF was ready to invest USD 6 billion in Iran’s petrochemical sector. “The foreign company has decided to make direct investment in Iran and also transfer technology and management, and secure guaranteed market. We welcome such opportunities,” the official added.

Part of the investment will be related to steam crackers and olefins, while other parts are related to propylene, gas-to-polymers and methanol-to-olefins, he explained.

Source: Daily “AzerNews”, Baku; Azerbaijan; 15 Feb 2016
(Syed Rashid Ali, Karachi, Pakistan)