TEHRAN, Aug. 13 (UPI) -- The National Iranian Petrochemical Co. is set to work with foreign companies on the construction of several upstream projects, energy officials say.
Adel Nejad Salim, the deputy oil minister of Iran, said countries such as South Africa, Russia, Turkey and India had expressed interest in working in the petrochemical industry in Iran, moving on preliminary agreements for some projects, the Petroenergy Information Network reports.
"On ratification of special price for gas to be used in industries by lawmakers, it makes the way for foreign companies to invest in Iran petrochemical projects," he said.
Salim added Iran has plans for 24 separate projects with $15 billion to produce petrochemical products in 2009. Another $25 million will go to fund 46 new projects under a five-year development plan.
His announcement follows preliminary agreements from Oman to fund the development at the Iranian offshore Kish gas field at an estimated cost of $12 billion.
Both countries in April 2008 agreed to develop the gas field, which has reserves approaching 59 trillion cubic feet of natural gas.