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EghtesadOnline: French international oil company, Total, and Iran's Persian Gulf Petrochemical Industry are expected to finalize a two-billion-dollar olefin project agreement until the end of the current Iranian calendar year, says an official.

'Following the signing of the agreement, Total is going to participate in developing a lower olefin project which is going to cost at least two billion dollars,' Adel Nejad Salim told the Islamic Republic News Agency in an exclusive interview. 

Nejad Salim also said that the Persian Gulf Holding so far has signed seven memorandums of understanding with international companies, including the European companies like Total, reports IRNA. 

It is expected that, two agreements be finalized until the end of the current Iranian calendar year, he said.

'One of them is going to be with Total,' Nejad Salim said.

Managing Director of the Persian Gulf Petrochemical Industry said that the company is eager to absorb domestic and foreign investments.

Lower olefins are petrochemical derivatives produced by cracking feedstocks from raw materials such as natural gas and crude oil. The main olefin products are ethylene, propylene, butadiene and C4 derivatives. 

These petrochemical derivatives are used to produce plastics, as chemical intermediates, and, in some cases, as industrial solvents.

Total Iran oil Iran-Total Persian Gulf Petrochemical olefin project