Total, Shell propose to invest in Iran’s petrochemical sector

According to market sources, managing director of Iran’s National Petrochemical Company (NPC) Marzieh Shahdaei reported that France’s Total and Anglo Dutch Shell have proposed “serious” offers for investing in Iran’s petrochemicals sector.

“Total and Shell have formally put forward requests for investment and establishment of new petrochemical plants,” Shahdaei said.

She also added that they are exchanging opinions at present and Total and Shell will get involved in Iran’s petrochemical industry if they solve issues.

Officials reported that many companies from South Korea, Japan, Spain, France, Italy, Germany, the Netherlands, and the US are also ready to invest in petrochemical projects in Iran.

Most of Iran’s foreign earnings are from the oil and petrochemical industry and almost $12.8 billion worth of petrochemical products were exported by Iranian companies in the previous year.

Iran became the second biggest petrochemical producer and exporter in the Middle East and its petrochemical products’ range and volume has grown on a large scale in the last few years. Sixty million tons of petrochemicals are produced by the country in a year.