A high-level delegation of French oil and gas major Total will revisit Tehran later this month to continue talks on a major petrochemical project in the Persian Gulf country.

Amir-Hossein Fallah, National Petrochemical Company's director for investment, made the statement on Wednesday, Shana reported.

The negotiations will follow up on a memorandum of understanding that was signed between Total and NPC last month to jointly build a petrochemical complex in south Iran. Based on the MoU, a petrochemical complex will include a steam-cracker unit in a coastal area, which will receive ethane, naphtha, liquefied petroleum gas and other liquefied gases as feedstock.

The complex will be built "by private sector's contribution", Fallah said, without giving details. The January lifting of sanctions against Iran has bode well for the French giant who has been swift in mending ties with the Islamic Republic.

Total has signed a deal to import 160,000 barrels of Iranian crude per day. Under another agreement, Total will be able to conduct technical surveys on the giant South Azadegan Oilfield, giving it a headstart in the race for Iran's lucrative oil and gas projects.

By Financial Tribune