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Iran seeks European investments in petrochemical industry

Xinhua, February 3, 2017 Adjust font size:

Iran is negotiating with major European enterprises from France, Germany and Britain on developing its petrochemical industries, Iran local media reported on Thursday.

Iran is in talks with French oil and gas company Total, German chemical company BASF and Britain's oil major Shell on investment in the country's petrochemical projects, Managing Director of Iran's National Petrochemical Company (NPC) Marzieh Shahdaei was quoted as saying by Tasnim news agency.

Shahdaei said that a new round of talks was held with representatives of Total on Tuesday, who were accompanying France's foreign minister in his visit to Tehran.

Talks with Total were focused on construction of a petrochemical plant for producing ethylene and polyethylene, she said.

She added that talks with BASF and Shell are also underway.

Reports said that German major oil and petrochemical companies have offered to invest in the Iranian oil and petrochemical sectors.

A total of 12 billion U.S. dollars in finance have been offered by the German companies, including BASF.

BASF, whose managing director visited Iran last year as a member of a delegation accompanying German Economy Minister Sigmar Gabriel, has offered to invest 6 billion dollars project in a petrochemical project in the south of Iran.

Wintershall Holding GmbH, Germany's largest crude oil and natural gas producer, is another company that has signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) to make studies on four oil fields in the west of Iran.

One year after the sanctions against Iran were lifted, several international companies have started negotiations to establish themselves in Iran's oil and gas projects.

Iran possesses one of the world's largest oil and gas reserves. Endit