‘Effective Talks’ with Total on Investment in Iran’s Petchem Industry: Official

‘Effective Talks’ with Total on Investment in Iran’s Petchem Industry: Official

TEHRAN (Tasnim) – Iran’s Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said negotiations continue with France’s energy giant Total on investment in the Iranian petrochemical industry.

“As for Total’s presence in Iran’s petrochemical industry, nothing has been finalized yet but effective talks have been held,” he told the Tasnim News Agency on Monday.

“The company has expressed willingness (about investment in Iran) and negotiations continue in this regard,” he added.

He made the remarks after a consortium led by Total struck a $5 billion agreement with Iran to develop its giant South Pars gas field.

The agreement was signed on Monday at a ceremony in Tehran attended by Iranian Oil Minister Bijan Namdar Zangeneh.

Zamaninia said it was the first deal signed based on the Iran Petroleum Contract (IPC) framework.

“We hope the deal would be an effective beginning for striking more oil contracts and start of more investments in the country’s oil industry,” he went on to say.

In February, Managing Director of Iran’s National Petrochemical Company (NPC) Marziyeh Shahdaei said Iran was in talks with Total, Germany’s BASF and Britain’s Shell on investment in the country’s petrochemical industry.

According to her, the talks with Total were focused on construction of a petrochemical plant for producing ethylene and polyethylene.

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.  

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