France’s Total to invest $2B in Iran’s petchem project
Baku, Azerbaijan, Oct. 21
By Emil Ilgar – Trend:
Iran and France’s Total are preparing to sign an agreement by March 2017 on a petrochemical project.
"Total would invest $2 billion in an olefin production project," Adel Salimnejad, the head ofIran’s biggest petrochemicals producer Persian Gulf Holding Company told IRNA Oct.21.
He said that the Persian Gulf Holding Company has signed seven memorandum of understanding with foreign companies, two of which would be finalized by March 2017, including the deal with Total.
He didn’t give further information about the second deal.
Iran’s nominal petrochemical products capacity is about 63 million tons per year (mt/y), but the country plans to increase the volume to 130 mt/y by 2020 and 180 mt/y by 2025.
The country needs $52 billion investment to reach the planned target.