Iran in Talks with European Firms on Petchem Projects: Official

TEHRAN (Tasnim) – Iran is negotiating with major European enterprises from France, Germany and Britain on cooperation in petrochemical projects, an official announced, saying the talks have not still led to any agreement.

Iran in Talks with European Firms on Petchem Projects: Official

Speaking to reporters in Tehran on Wednesday, Managing Director of Iran’s National Petrochemical Company (NPC) Marziyeh Shahdaei said Iran continues to hold talks with France’s Total, Germany’s BASF and Britain’s Shell on investment in the country’s petrochemical industry.

She said a new round of “more formal” negotiations was held with representatives of Total on Tuesday who were accompanying France’s foreign minister in a visit to Tehran.

The talks with Total were focused on construction of a petrochemical plant for producing Ethylene and Polyethylene, she explained, but noted that details of the contract remain to be specified later.

Business talks with BASF and Shell are also still ongoing, Shahdaei added.

There has been growing enthusiasm for cooperation with Iran in the energy industry since the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), took effect in January 2016.

On Sunday, Russia’s Lukoil company said it hopes to reach an agreement on development of two oil fields in Iran in the first half of the year.

Russia’s second oil producer is in talks with the National Iranian Oil Company (NIOC) on development of Ab Teymour and Mansouri oil fields west of Iran.

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