Iran, Total to Enter $2b Contract for Olefin Project

Nejad-Salim, who is in Düsseldorf, Germany, to take part in the K-Plastics & Rubber Exhibition, said contracts are to be signed with international companies.

He said up to so far seven agreements have been signed with international companies like Total of France.

The trade fair K 2016 is open in Düsseldorf, Germany, from the 19 to 26 October and presents the innovations of the international plastics and rubber industry.

He said by end of the current Iranian year of 1395, two contracts, one with Total, will be signed.

He added that following arrangement of preliminaries, contract will be signed with other company in the coming months.

Following implementation of the Joint Comprehensive Plan of Action (JCPOA), Iran and Total signed a deal for the French Company making investment in Iranian petrochemical industry.

In the past months, Total launched feasibility study on Iranian petrochemical projects and feedstock receipt conditions.

Now, it has specified final project for presence in Iranian petrochemical industry and it is to sign an eventual contract with the company soon.

By 2015, Iran’s installed petrochemical production capacity stood at about 63 million tons and it is to raise the figure to 130 million tons by 2020 and 180 million tons by 2025.

To meet the goa, 52 billion dollars are needed, major portion of which to be financed from foreign sources.