Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) is in talks with Asian companies to raise $1.1b for an expansion scheme, including a methanol project, intended to serve China and other Asian customers, reported MENA FN.

Furthermore, PGPIC’s Managing Director of Veniran Apadana methanol project, Touraj Seyed Arvanaqi, named an Italian company as a potential investor in the venture. However, he declined to identify the companies until negotiations are concluded, according to Trade Arabia. The Veniran Apadan is aiming to produce 1.65mt/y of methanol for export to China and other parts of Asia.

This comes as Iranian Deputy Oil Minister and Managing Director of state-run National Petrochemical Company, Marzieh Shahdaei, said that Iran’s petrochemicals industry needs $60b in foreign investment to more than double chemicals production capacity until 2026.

In related news,  it was reported that Iran and France’s Total would finalize a $2b petrochemical project deal by March  2017. The Persian Gulf Petrochemical Industries Company’s Managing Director, Adel Nejad-Salim, said that the French company would invest in one of Iran’s downstream Olefin projects, after assessing Iran’s petrochemical sector and reviewing the status of feedstock.