Iran, Total to Finalize Major Petchem Deal Soon

Iran, Total to Finalize Major Petchem Deal Soon

TEHRAN (Tasnim) – Iran and the French energy giant Total are expected to finalize a $2 billion deal by the end of the current Iranian calendar year (March 20, 2017), a report said.

"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," Adel Salimnejad, the managing director of Iran’s Persian Gulf Holding Company, said, Xinhua reported.

He added that Iran and Total had signed an initial deal back in January, 2015, following a lasting nuclear deal between Tehran and world powers.

Salimnejad said the French company had been studying Iran’s petrochemical sector over the past months, adding that it has already picked a project to develop for which a final agreement will be accordingly signed.

There has been growing enthusiasm for ties and cooperation with Iran since the nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) took effect on January 16.

The deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran and prepared the ground for a much-anticipated economic boom.

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