Shell to Invest $350m in Petchem Project in Western Iran

Head of the Industry and Mines Organization of the province Reza Matin said the Anglo-Dutch energy giant is mulling returning to Iran and Ibn Sina Petrochemical Plant is one of the projects it is considering for investment.

“They have visited the plant and we will cooperate with them for the transfer of technologies to the project,” Matin added. 

He said the technical savvy Shell is considering to convey to the project will be valued at $350m.

China previously invested $168m in the project, added the official. 

The project is expected to receive up to $220m from the National Development Fund of Iran.  

Last week, Iran’s National Petrochemical Company (NPC) and Royal Dutch Shell signed a letter of intent (LOI) for starting studies for carrying out petrochemical projects in Iran.

A ceremony was held here in Tehran at NPC’s locality for singing the document which was marked as the first firm step taken by the two sides since removal of the US-led sanctions on Tehran’s nuclear program.

From NPC, Managing Director of the company Marziyeh Shahdaei and from Shell Hans Nijkamp, Shell Vice President Iran, signed the deal at the 13th floor of the NPC building on Sunday.