Total negotiating with Iran to invest in petrochemical projects
Tehran, Oct 22, IRNA - Deputy Managing Director of Total SA of France Serge Lorek says the company is busy negotiating with Iranian officials to make investment in petrochemical projects.
Talking to IRNA, Lorek made the remarks on the sidelines of the 2nd Iranian Petroleum and Energy Club Congress & Exhibition (IEPC 2016) which was held in Tehran from Oct 17-19.
He added Iran is seeking to stand third in the world in terms of producing petrochemical products.
Touching upon Iran's vast oil and gas resources, he added Iran should make investment in upper-hand industries to reach that end.
On Oct 21, Adel Salimnejad, the managing director of Iran’s Persian Gulf Holding Company said Total, and Iran's Persian Gulf Petrochemical Industry are expected to finalize a two-billion-dollar olefin project agreement by the end of the current Iranian calendar year, ( March 20, 2017).
Salimnejad added Total is going to participate in developing a lower olefin project which is going to cost at least two billion dollars.
Lower olefins are petrochemical derivatives produced by cracking feedstocks from raw materials such as natural gas and crude oil. The main olefin products are ethylene, propylene, butadiene and C4 derivatives.
SOURCE : IRNA