(MENAFN) Discussions in Iran on a USD6.7 billion petchem deal with Germany's BASF have entered the final stage following the MoU inked between the Islamic Republic and France's Total.
Specifically, the multibillion MoU has been sealed between the German firms and one key Iranian petrochemical company for the construction of a huge petrochemical complex.
BASF will assume the project to establish a large petchem plant in the 2nd phase of Assalouyeh, in the 1st phase; the complex will produce ethylene while in the 2nd it will turn out various grades of polyethylene.
All in all, Iranian officials have announced that the first agreements for development of petrochemical industries in the post sanction era will be closed with Total and BASF companies.
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