Iran's National Petrochemical Company, Total Signs MoU to Build Petrochemical Complex

Iran's National Petrochemical Company (NPC) and Total have signed a memorandum of understanding (MoU) to build a petrochemical complex in Iran, state owned news agency Shana reported.

The MoU was signed during a visit of a high-profile delegation from Total to Iran last week.

The French major has agreed to initiate appraisal studies for construction of the project, Shana added.

The joint venture project aims to supply petrochemical products to the domestic and the international markets.

Earlier this year, National Petrochemical Company (NPC) said it is planning to boost petrochemical production to 123 million tons per year (mt/y) by 2021.

Iran is looking to generate exports of 93 mt/year of petrochemicals by 2021, Planning and Development Bureau of NPC said.