Total, a French energy giant in the petrochemical sector will invest up to two billion dollars in Iran's petrochemical industries, said Deputy Minister of Petroleum Marzieh Shahdaie.

The agreement has been reached for establishment of two facilities for production of a special grade of polyethylene, each facility running with 500,000 tons annual production capacity.

Shahdaie added that furthermore, agreement has been reached for construction of a cracker ethane facility to turn ethane into ethylene – 1,200,000 tons a year production capacity.

The top official of National Petrochemical Company (NPC) of Iran said that the most important specification of contract with Total and its likely partnership in petrochemical projects is transfer technology for production of a special kind of polyethylene in Iran.

Iran’s annual petrochemical production capacity stands at 62 million tons and by the end of this year (March 20, 2018), the figure will reach 72 million tons when six new projects come into stream. The total value of net sale of the products will rise up to $17 billion.

Outlining talks between National Petrochemical Company (NPC) of Iran and French Total Company for establishment of new petchem facilities in Iran, Shahdaie said that based on the latest talks, the petrochemical facilities will operate with the capacity to yield about 2.2 million tons of petrochemical and polymer products annually.