Eight Billion Dollar Annual Investment Needed for Petrochemicals; Investors Withdraw Due to Financial Issues

The investment manager of the National Petrochemical Company has stated that some petrochemical projects have been revised and proposed to investors, but several have withdrawn from continuing work due to financial issues. Reza Nakoui also noted that achieving an 8% economic growth and reaching petrochemical goals by the end of the 'Eighth Development Plan' requires an annual investment of $8 billion. The need for an annual $8 billion investment in the petrochemical industry arises at a time when, due to ongoing sanctions, attracting foreign investment in Iran is not possible, and domestic investors are reluctant to enter this sector due to a lack of capital security and an administrative bureaucracy that increases costs. The absence of a positive outlook for the economy and a lack of statistical transparency in the economic structure are also among the reasons for the decline in investment in Iran. As the year approaches its end, workers face a list of concerns; bans on entry, layoffs, and suicides. The management of the Chavar Petrochemical Company has laid off 13 more workers. A fire at one of the turbines of the Isfahan power plant has led to reduced activity due to 'limitations' caused by the fire. Government pressure on industries has begun; gas rationing has started in Iran. Retired civil servants protested in 7 cities in Iran; workers at the Gachsaran petrochemical plant held a rally.