Iran is about to sign a major petrochemical deal with the French energy major Total S.A., according to the managing director of Persian Gulf Petrochemical Industries Company (PGPIC).
Adel Nejad-Salim, managing director, PGPIC, said that the deal would be signed with Total for holding feasibility studies on formation of petrochemical joint ventures in Iran.
Speaking on attracting fresh investments in to Iran's petrochemical industry, the PGPIC managing director added that investments in the sector could not be merely procured by Iran's state or private sectors; foreign resources must be tapped in this regard.
Nejad-Salim said that PGPIC was in talks with two major European companies for investing around $10bn in petrochemical projects in Iran. “One of the investments will be made by France's Total," Nejad-Salim said.
Nejda-Salim further added that his company would soon conclude a deal with the French major.
Nejad-Salim 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, which, if finalised, could see the French oil major investing up to $2bn in Iran.