Iran and France’s Total will finalize a $2b petrochemical project deal by March  2017, reported Global Times.

The Persian Gulf Petrochemical Industries Company’s managing director, Adel Nejad-Salim, said that the French company will invest in one of Iran’s downstream Olefin projects, after assessing Iran’s petrochemical sector and reviewing the status of feedstock, according to Azer News. Nejad-Salim added that the company has signed seven memorandum of understanding with foreign companies, two of which would be finalized by March 2017, including the deal with Total.

Iran’s nominal petrochemical products capacity is about 63mt/y, but the country plans to increase the volume to 130mt/y by 2020 and 180mt/y by 2025.

In a related news Egypt Oil&Gas wrote, the director of Hamedan province’s Industry and Mine Department, Hamidreza Matin, has stated that Royal Dutch Shell has offered the technology for Iran’s Ibn Sina Petrochemical Complex worth $350m and signed a letter of intent with Iran’s National Petrochemical Company (NPC) Iran in early October to study the possibility of implementing further petrochemical projects in the country.