Iran eyes petchem deal with Total

SHANA – Iran is about to sign a major petrochemical deal with the French Energy Major, Total S.A, soon, the managing director of Persian Gulf Petrochemical Industries Company (PGPIC) said.

According to NIPNA, Adel Nejad-Salim said the deal will be signed with the Total for holding feasibility studies on formation of petrochemical joint ventures in Iran.

Speaking on attraction of fresh investments in Iran’s petrochemical industry, the PGPIC CEO added that investments in the sector cannot be merely procured by Iran’s state or private sectors and foreign resources must be tapped in this regard.

He said PGPIC is in talks with two major European companies for investing over €8b in petrochemical projects in Iran.

“One of the investments will be made by France’s Total,” he said.

Nejda-Salim further added that his company will soon conclude a deal with the French major.

He also noted that the Pars Special Economic Energy Zone in Asalouyeh and the Parsian Special Economic Energy Zone in Bushehr Province are being studied by domestic experts for constructing petrochemical projects jointly with Total.

Total has reached a preliminary agreement to build three petrochemical plants, with a total capacity of 2.2 million tons in a deal that, if finalized, could see the French oil major investing up to $2 billion in Iran.