Sector News

Iran, Total to sign 2 billion US dollar petrochemical industry deal

October 24, 2016
News

Iran and France’s Total petrochemical company will finalize a 2 billion US dollar deal by the end of the current Iranian year, March 20, 2017, reported Tehran’s Times daily on Saturday.

Adel Nejad-Salim, Managing Director of Persian Gulf Petrochemical Industries Company, was quoted as saying that the French company will invest in one of Iran’s downstream olefin projects.

“In recent months, Total has assessed petrochemical projects in Iran and reviewed the status of feedstock. Now, their final plan is ready and the contract will be finalized in near future,” Nejad-Salim said.

Following the implementation of Iran’s nuclear deal in January, known as the Joint Comprehensive Plan of Action (JCPOA), Iran and France’s Total signed a Memorandum of Understanding (MoU) paving the way for Total’s investment in Iran’s petrochemical industry.

The report stated that in 2015 Iran had around 63 million tons of installed capacity of petrochemicals, which it plans to increase to 130 million tons by 2020, then up to 180 million tons in 2025.

Source: Xinhua via Global Times

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]