The director of Hamedan province’s Industry and Mine Department, Hamidreza Matin, stated that Royal Dutch Shell 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, reported Shana.

Furthermore, the Ibn Sina project is expected to receive up to $220m from the National Development Fund of Iran, in addition to $168m from a Chinese investor, according to Azer News.

The Ibn Sina project will produce 266,000mt of products annually, such as ethylene oxide, ethylene glycols, ethoxylates, glycol ether.

In related Iranian petrochemical news, Egypt Oil&Gas reported late September that Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) was reported to inject over $11b in it’s business with more than $1b coming from two agreements with Japan’s Marubeni.