The Anglo-Dutch multinational oil and gas company, Shell signed a preliminary memorandum of understanding (MoU) with Iran’s National Petrochemical Company in order to cooperate in the petrochemical industry. The agreement came after months of negotiations between the two companies, with petrochemical projects expected to launched soon, reported Zawya.

Iran’s Deputy Oil Minister and the National Petrochemical Company’s CEO, Marzieh Shahdaei, said that the country plans to expand petrochemical output from the current level of 60mt to 160mt by 2025, according to Energy Economic Times.

Egypt Oil&Gas reported late September that Iran was seeking to increase its petrochemical market share, with the country’s Persian Gulf Petrochemical Industries Company (PGPIC) reported to inject over $11b in its business with more than $1b coming from two agreements with Japan’s Marubeni. Furthermore, in June, a top petrochemical official in Tehran stated that discussions were underway with investors from Japan and South Korea to finance Iran’s petrochemical projects through the Usance Letter of Credit (L/C) mechanism.