TEHRAN–France’s giant oil and gas company Total will finalize a $2 billion investment deal with Iran by the end of the current Iranian calendar year (March 20, 2017), IRNA quoted a petrochemical official as saying on Friday.

Adel Nejad-Salim, the managing director of Persian Gulf Petrochemical Industries Company (PGPIC), said the French company is going to invest in a downstream olefin project.

“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,” the official said.

After the implementation of Joint Comprehensive Plan of Action (JCPOA), Iran and France’s Total signed an MOU based on which, Total will invest in Iran's petrochemical industry.

Iran had about 63 million tons of installed petrochemical capacity in 2015 and the country plans to increase the figure to 130 million tons by 2020 and 180 million tons in 2025.

EF/MA