Tasnim � Iran�s Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said negotiations continue with France�s energy giant Total on investment in the Iranian petrochemical industry.





�As for Total�s presence in Iran�s petrochemical industry, nothing has been finalized yet but effective talks have been held,� he told the Tasnim News Agency on Monday.

�The company has expressed willingness (about investment in Iran) and negotiations continue in this regard,� he added.

He made the remarks after a consortium led by Total struck a $5 billion agreement with Iran to develop its giant South Pars gas field.

The agreement was signed on Monday at a ceremony in Tehran attended by Iranian Oil Minister Bijan Namdar Zangeneh.

Zamaninia said it was the first deal signed based on the Iran Petroleum Contract (IPC) framework.

�We hope the deal would be an effective beginning for striking more oil contracts and start of more investments in the country�s oil industry,� he went on to say.

In February, Managing Director of Iran�s National Petrochemical Company (NPC) Marziyeh Shahdaei said Iran was in talks with Total, Germany�s BASF and Britain�s Shell on investment in the country�s petrochemical industry.

According to her, the talks with Total were focused on construction of a petrochemical plant for producing ethylene and polyethylene.

There has been growing enthusiasm for cooperation with Iran in the energy industry since the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), took effect in January 2016.