TEHRAN – Iran’s National Petrochemical Company (NPC) has finalize an agreement with a consortium of companies from China and the Philippines for $7 billion worth of investment in Iran’s petrochemical industry, IRNA reported on Monday quoting an NPC official.

According to NPC’s Director for Investment Hossein Alimorad, the mentioned consortium has registered a representative company in Iran and the last steps are now underway for awarding the agreed project.

“The consortium plans to construct a petrochemical plant to process the entire methanol complementary chain”, Alimorad said.

“The total value of this petrochemical project is $7 billion, of which $2.8 billion is going to be spent in the project’s first phase” he added.

EF/MA