London — Total and Iran had reached a preliminary agreement to build three petrochemical plants in a deal that, if finalised, could result in the French oil major investing up to $2bn in Iran, an Iranian oil industry official has said. "In the latest talks, the two sides have reached agreement for construction of petrochemical plants with total capacity of 2.2-million tonnes of petrochemical and polymer products per year," the MD of Iran’s National Petrochemical Company was quoted as saying by the oil ministry’s news agency. "We predict that Total would invest $1.5bn to $2bn in Iran’s petrochemical industry if we reach final agreement." A spokesman for Total said: "Total and Iran’s National Petrochemical Company are currently working on an in-depth study of an ethane-based petrochemical project whose figures (capex especially) have to be fine-tuned." The preliminary deal on the petrochemical plants follows Monday’s agreement by Total to go ahead with the phase 11 development project...
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