Total nears deal to invest $10B in Iran's petrochemical industry

Business Materials 28 September 2017 18:04 (UTC +04:00)

Baku, Azerbaijan, Sept. 28

By Khalid Kazimov – Trend:

After a $5 billion deal with Iran to develop its southern gas field, South Pars, reached in July, Total is now preparing to conclude another huge agreement with the Middle Eastern nation to develop its petrochemical industry.

Movaied Hossaini Sadr, an advisor to Iranian Oil Minister Bijan Namdar Zanganeh, said that the French giant has expressed interest in investing $10 billion in Iran’s petrochemical industry, the state-owned news channel IRINN reported.

“The investment deal is going through the final phases and will be signed soon,” he said.

The official added that Germany’s BASF and Linde as well as a Japanese company are also in talks with Iran to cooperate in the country’s petrochemical industry.

He further touched upon forecasts on reduction of gas reserves in Saudi Arabia and described Iran as a serious source of feedstock for petrochemical plants.

Iran’s current capacity for producing petrochemical products stands at 60 million tons and the country is drawing up plans to boost the figure to 110 million tons.