and Iran have reached a preliminary agreement to build three petrochemical plants in a deal that it expected to see the French oil major investing up to $2 billion in Iran, an Iranian oil official said.
"In the latest talks, the two sides have reached agreement for construction of petrochemical plants with the total capacity of 2.2 million tonnes of petrochemical and polymer products per year," the managing director of Iran's National Petrochemical Company (NPC) was quoted as saying by SHANA.
"We predict that Total would invest $1.5 to $2 billion in Iran's petrochemical industry if we reach final agreement," Marzieh Shahdaei added.
National Iranian Oil Company and Total signed a deal earlier this week for developing phase 11 of the supergiant South Pars (SP11) offshore gas field.
Total is the operator of the SP11 project with a 50.1 per cent interest alongside the Chinese state-owned oil and gas company CNPC (30 per cent), and Petropars (19.9 per cent), a wholly owned subsidiary of NIOC.
The French major said it could spend up to $2 billion for the deal for the world's largest gas field, which marked the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it.