TEHRAN, Feb. 01 (Shana) -- Head of Iran's National Petrochemical Company (NPC) said two leading chemical companies from Germany have signaled their readiness to spend between 8 and 4 billion euros for development of petrochemical projects to make Germany the first post-sanctions partner of the sector in Iran.

Abbas Shari-Moqaddam said the two firms are yet to finalize the level of their investments in Iran but are currently carrying studies about investment potentialities in Iran's petrochemical sector.

He said NPC is in talks with investors from Germany, Spain, Japan and Italy, adding that foreign investors are waiting for finalization of feedstock pricing formula and the full implementation of the Join Comprehensive Plan Of Action (JCPOA).

"Provided that the requested land is secured for the two German firms, they will start building petrochemical plants in Assaluyeh, south of Iran," the NPC chief added.

Iran has dozens of half-finished petrochemical projects which, once completed, will double the country's petrochemical production capacity from the current 60mt/y.

Among the projects that have made over 70% progress are: phase II of Karoun petrochemical plant, phase I of Damavand Petrochemical Power Plant, Assaluyeh Glycol Ethylene in Morvarid Petrochemical Plant, Phase III of Pardis Petrochemical Plant, Polystyrene unit in Entekhab Petrochemical Plant, Phase I of Polystyrene unit at Kimia Plant, and Olefin unit of Ilam Petrochemical Plant.

By SHANA