TEHRAN - Iran and Total have reached agreement on the construction of three petrochemical plants that if comes to a deal the French oil giant will invest $1.5-$2 billion in Iran.

National Iranian Petrochemical Company Managing Director Marziyeh Shahdaie made the remarks on the sidelines of the signing ceremony of a $4.879-billion deal with Total in Tehran on Monday for development of phase 11 of Iran’s South Pars gas field, marking Total the first major Western energy investment in Iran since the lifting of sanctions, Shana news agency reported.

In the latest talks, the two sides have reached agreement for construction of petrochemical plants with the total capacity of 2.2 million tons of petrochemical and polymer products per year, the official said.

Total’s Chief Executive Officer Patrick Pouyanné has expressed his company’s eagerness for investment in Iran’s petrochemical industry and they are pursuing this goal keenly, Tasnim news agency quoted Shahdaie as saying.

Also, Iranian Deputy Oil Minister for International Affairs and Trading Amir Hossein Zamaninia told Tasnim in the same ceremony that after signing the phase 11 deal, Total is seeking contribution in Iran’s petrochemical industry as well.

EF/MA