Total eyes $2-bln Iran petchem deal

Iran

TEHRAN, July 4, 2017 – Total is close to finalising a contract to build three petrochemicals plants in Iran, Iranian news portal Shana reported on Tuesday.

Marzieh Shahdaei, head of Iran’s National Petrochemical Company (NPC), was quoted as saying discussions with Total had neared a final investment decision, just a day after the French super-major signed on to invest at least USD 1 billion in Iran’s South Pars field.

“In the latest talks, the two sides have reached agreement for construction of petrochemical plants with the total capacity of 2.2 million tonnes of petrochemical and polymer products per year,” Shahdaei said.

“We predict that Total would invest USD 1.5 to USD 2 billion in Iran’s petrochemical industry if we reach a final agreement.”

A Total spokesman quoted by Reuters confirmed the company was working with NPC on a study of an ethane-based project, but capex figures still needed to be “fine-tuned.”

In early May, NPC was reported to be in talks with Total on collaboration in the petrochemicals sector.