MOSCOW (MRC) -- The National Petrochemical Company (NPC) of Iran and France-based Total have signed an memorandum of understanding (MoU) to build a petrochemical complex in Iran, news reports said on Wednesday, as per Hydrocarbonprocessing.
Total sealed the cooperation agreement with NPC to build a petrochemical complex after signing a separate deal to buy 160,000 bpd of Iranian crude oil.
"The two sides have signed a (MoU) on constructing a petrochemical complex in Iran, and the project will be implemented in partnership with the Iranian private sector and France’s Total," the statement said.
The complex will include a world-scale steam cracker unit in the coastal area. It will be based on a combination of feedstocks comprised of ethane, naphtha and LPG, as well as other available feed.
In addition to steam cracker unit, the complex will include relevant downstream units for supplying its products to domestic and international markets, according to various news reports.
Under the agreement, France’s Total will now begin preliminary studies and evaluations for the construction of the petrochemical complex in line with Iran's laws and regulations.
As MRC informed previously, currently number of active Iranian Petrochemical complexes are 53, with total production capacity of 59 million metric ton, producing range of polymers, chemicals, aromatics & liquid gas, located mainly at Iranian south region, next to Persian Gulf, called Assaluyeh and Mahshahr Special Economic Zones.
At the moment, there are 67 developments projects in the country which are under construction, adding 61 million metric ton on total production and estimated to fully run till 2018.
Total S.A. is a French multinational oil and gas company and one of the six "Supermajor" oil companies in the world with business in Europe, the United States, the Middle East and Asia. The company's petrochemical products cover two main groups: base chemicals and the consumer polymers (polyethylene, polypropylene and polystyrene) that are derived from them.
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