Total, NPC sign deal for Iran petrochemicals plant
3/16/2016 12:00:00 AM
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.
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.
At the signing ceremony, the two sides also expressed a willingness to cooperate regarding further synergies that could lead to mutual benefits.
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