New US sanctions uninfluential on Iran’s petchem industry

MNA– An NPC official, in response to new US sanctions against Iran, said no foreign firm has left the negotiation table for investments in the Iranian petrochemical industry.

On impact of new US sanctions against Iran, Director for Investment of National Petrochemical Company (NPC) Hossein Alimorad said the new restrictions had exerted no effect on the course Iran’s talks with foreign companies willing to make investment in the country’s petrochemical industries.

The official reiterated that no foreign party had drawn back from negotiations with Iran asserting “for instance, a delegation of France’s Total travelled to Tehran last week to finalize talks on direct investment in petchem arenas.

He pointed to the held talks with several credible international companies stating “Memoranda of Understanding (MoUs) have been so far inked with firms like Britain’s Royal-Dutch Shell, Total of France as well as BASF of Germany among the others.

Alimorad estimated that further negotiations on MoUs will lead to signing final contract for direct investment in Iran’s petrochemical industries by the foreign sides.

Jean-Jacques Mosconi, Head of Strategy at Total, visited Tehran last week aiming to finalize three contracts to construct a 300-thousand-ton petrochemical complex, develop South Pars Phase 11 as well as to expand Azadegan oilfield.

The main axis of ongoing talks is to seal a deal for building a petrochemical complex in southern Iran with a capacity of 300 thousand talks for high-density and linear polyethylene.

In March, 2016, National Petrochemical Company (NPC) and France’s Total signed into a cooperation agreement for elevation of ties in petchem industries.

NPC Managing Director Marzieh Shah-Daei earlier emphasized that Total was after constructing a petrochemical complex for producing various grades of polyethylene in Iran; “in view of the conducted talks, Total is required to exploit a combination of ethane gas and liquid feed like gas condensate or naphtha for the new project.