SHANA - A major Asian consortium is planning to invest 7 billion dollars in Iran's petrochemical industry, an official with the National Petrochemical Company (NPC) says.

Speaking to NIPNA, the official media outlet of National Petrochemical Company (NPC), Hossein Alimorad, director of investment at NPC, said an agreement will be signed with the consortium in the near future, adding, the group will initially invest nearly $2 billion in Iran over a 3.5-year period, and in the second phase, will bankroll petrochemical projects by up to $5 billion of finances in a 5 to 6-year period.

"This Asian major has announced that US sanctions will not affect their activities and are in final talks for how to stay in our country and find an Iranian partner; in this regard, several leading holdings have been introduced to them," the official added.

The consortium has already constructed several major oil and petrochemical projects in Asia, Mr. Alimorad added.

He further said that the presence of the consortium in Iran's petrochemical industry indicates that development of the sector would not be hampered by US restrictions.

"So far no company has officially severed its ties with NPC and even some European ones are seeking permits from the EU to stay in Iran's petrochemical industry."