TEHRAN, Oct. 22 (Xinhua) -- Iran and France's Total petrochemical company will finalize a 2 billion U.S. dollar deal by the end of the current Iranian year, March 20, 2017, reported Tehran's Times daily on Saturday.
Adel Nejad-Salim, Managing Director of Persian Gulf Petrochemical Industries Company, was quoted as saying that the French company will invest in one of Iran's downstream olefin projects.
"In recent months, Total has assessed petrochemical projects in Iran and reviewed the status of feedstock. Now, their final plan is ready and the contract will be finalized in near future," Nejad-Salim said.
Following the implementation of Iran's nuclear deal in January, known as the Joint Comprehensive Plan of Action (JCPOA), Iran and France's Total signed a Memorandum of Understanding (MoU) paving the way for Total's investment in Iran's petrochemical industry.
The report stated that in 2015 Iran had around 63 million tons of installed capacity of petrochemicals, which it plans to increase to 130 million tons by 2020, then up to 180 million tons in 2025.