Representative of Italy’s major export credit agency SACE at IPF2015 says public funds must be injected into petrochemical development projects in Iran to accelerate the industry’s growth.

Giulio Dal Magro, head of heavy industries division of SACE SpA, said his company is prepared to return to Iran’s petrochemical industry after the removal of sanctions on Tehran’s nuclear program.
He said the Italian government underwrites the presence of Italian companies in Iran after the sanctions removal.
Addressing a specialized panel at the 12th Iran Petrochemical Forum here in Tehran on Monday, Magro said the Italian company enjoys a turnover of more than 40 billion euros of which only 40% concerns oil and gas activities.
During the panel, Magro spoke about SACE’s solutions for the Iranian market, Shana reported.
He said SACE can insure petrochemical projects in Iran to foreign banks and has already started some activities related to providing foreign finances for companies willing to operate in Iran’s petrochemical sector.
In August, Investment bank Mediobanca said in a statement that it, along with Italy’s development ministry and export credit agency SACE, had signed a memorandum of understanding during the visit with Iran’s economy ministry and its central bank.
The aim of the agreement was ‘to facilitate future economic and commercial relations between the two countries,’ the statement said.
Iran has 67 half-finished petrochemical projects up for grabs with 20 to 90% physical progress which are planned to come on-stream based on a schedule, he added.
Some 97 foreign companies from 25 countries have participated in IPF 2015 which shows an increase of 120 percent compared to IPF 2014.
More than 15,00 representatives from domestic and foreign firms including Australia, Azerbaijan, Canada, Denmark, France, Germany, Japan, the Netherland, Russia, and US are taking part in the event.
Participants in the IPF2015, one of the world’s most prestigious events representing the petrochemical industry, are discussing the core issues that the industry is facing with the emphasis given to Iran.