According to the agreement, the European corporation will invest 500 million dollars in a project on completion of the Damavand Petrochemical Complex’s water desalination facilities, Hossein Shahriari told SHANA.
The National Petrochemical Company (NPC) of Iran will receive the funding with a guarantee from a European bank, he added.
The European company seems impatient to return to Iran’s industry even before a comprehensive nuclear deal between Tehran and the world powers takes effect.
Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 finalized the text of a lasting agreement on Tehran’s nuclear program.
According to the 159-page Joint Comprehensive Plan of Action (JCPOA), the European Union will terminate all sanctions and restrictive measures against in Iran in different areas as in “investment in the oil, gas and petrochemical sectors” after implementation of the nuclear accord.