Published on July 6, 2017

Total and Iran have reached a preliminary agreement to build three petrochemical plants in a deal that if finalised could see the French oil major investing up to $2 billion in Iran, an Iranian oil industry. The two sides have reached an agreement for construction of petrochemical plants with the total capacity of 2.2 million tonnes of petrochemical and polymer products per year. The preliminary deal on the petrochemical plants follows Monday's agreement by Total to go ahead with the phase 11 development project for Iran's South Pars offshore gas field, the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it.