MOSCOW (MRC) -- Iran's Persian Gulf Holding Company (PGHC) is to sign a USD 7 billion deal with a prominent European company to develop a petrochemical project in Assaluyeh, south of Iran, PGHC head said, reported GV.
Adel Nejad Salim told Shana that PGHC has held very constructive talks with major petrochemical firms in Europe and Asia since removal of sanctions and the outcome of the talks will begin to become manifest in the coming months.
"Over the course of the past 12 years, the relations between Iran's petrochemical industry and foreign firms was nearly severed, but during the past two years, given the removal of western sanctions, ground is being paved for restoration of Iran's relations with other countries, as we have so far signed a number of significant MoUs with foreign sides," said the official.
He said a leading European company has proposed to invest over USD 7 billion for development of a petrochemical project in Assaluyeh, adding the 5-year project entails all parts of the value chain and will provide new petrochemical products in Iran.
We remind that, as MRC informed before, in March 2016, The National Petrochemical Company (NPC) of Iran and France-based Total signed an memorandum of understanding (MoU) to build a petrochemical complex in Iran. 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 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.