Total and NPC reach agreement for petchem projects in Iran

According to Reuters, the French oil major, Total, made an initial agreement with Iran’s National Petrochemical Company (NPC) for the construction of three petrochemical plants in Iran. Accordingly, Total is expected to invest between $1.5 billion to $2 billion for the construction works. The agreement was initially expected to be finalized in late March.

The plants are expected to have a combined capacity of 2.2 million tons/year of petrochemical and polymer products.

On July 3, the two sides also agreed to cooperate for the upgrade of South Pars 11 in Iran, the world’s largest gas field, which is also the largest foreign investment in Iran after the sanctions were lifted.

It was also reported that Iran seeks for 32 billion-dollar foreign investment for the construction of 25 new petrochemical projects.