Iran seeking $60b from Total to Mitsui for petrochemicals

Iran is in talks with Mitsui & Co. Ltd. and Total SA as part of its push to attract $60 billion in foreign investment to more than double the country’s capacity to produce petrochemicals over the next decade.

State-run National Petrochemical Co. plans to increase output capacity to 150 million metric tons a year by 2026, Managing Director Marzieh Shahdaei said in an interview at her office in Tehran. That means completing 55 unfinished projects and 28 new production facilities, said Shahdaei, who also serves as deputy oil minister.

If it succeeds, Iran would be producing more than twice the current output of Saudi Basic Industries Corp., known as Sabic, the world’s second-biggest petrochemical maker by sales.

Iran is seeking to upgrade and expand its energy industry, including petrochemicals, in a drive to rebuild its economy after the easing of international sanctions in January. The Persian Gulf nation has boosted crude output since then to near pre-sanctions levels and ramped up production of natural gas. Iran holds the world’s largest reserves of gas, a raw material for petrochemicals.