TEHRAN, Apr. 17 (MNA) – Negotiations to sign a six-billion-euro petrochemical contract with Germany’s BASF have entered the final stage following the MoU inked between Iran and France’s Total.Deputy Director of Iran’s Petrochemical Employers Association Parviz Sahafzadeh described the latest status of talks with BASF SE of Germany saying “a Memorandum of Understanding (MoU) worth six billion euros has been inked between the German firms and one Iranian petrochemical company for construction of a huge petrochemical complex.”

“On the basis of the reach agreement, BASF will undertake the project for establishing a large petrochemical plant in the 2nd phase of Asaluyeh; “the complex will produce ethylene in its first phase and various grades of polyethylene in the second.”

He emphasized that a portion of the products will be purchase by BASF while the rest will be exported “final talks are being held with BASF on gas sale prices as well as creation of processing units and value chain and the final agreement will soon be sealed with the German company.”

Pointing to the readiness of France’s Total to build another petrochemical plant in southern Iran, Sahafzadeh emphasized “apparently, the first deals for development of petrochemical industries in the post sanction era will be inked with Total and BASF companies.”

“Given the advantages of Iran for the development of petrochemical industry including possession of huge natural gas reserves, existence of extensive coastal line with the Persian Gulf and Oman Sea as well as proximity to consumer markets like China, India, Turkey and East Asian countries, Total and BASF are able to make investments in Iran by offering new technologies,” he continued.

Managing Director of the National Petrochemical Company (NPC) Marzieh Shah-Daei announced on Saturday that “a delegation of Total’s directors will soon visit Tehran in order to finalize petrochemical negotiations.”

By Mehr News Agency