Iran is seeking investment to undertake 25 petrochemical projects, according to state-run National Petrochemical Company (NPC).

The NPC is proposing joint or individual investment in implementing the projects, said Farnaz Alavi, NPC’s director for planning and development.

The supply of feedstock for five more projects is also under study, Alavi said, without giving further details.

In July, Alavi had told that $32 billion in foreign investment was needed to build 28 petrochemical projects. The projects include factories to produce ammonia and urea, as well as gas-to-olefins (GTO) and gas-to-propylene (GTP) plants.

Last week, Iran announced that 29 companies from more than a dozen countries could bid for upstream oil and gas projects on the basis of new and less restrictive Iran Petroleum Contract (IPC) model.

Iran has placed top priority on developing its business interactions with foreign companies since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) reached a nuclear deal on July 14, 2015 and started implementing it on January 16.

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