Shell has signed an agreement with Iran that could pave the way for collaboration on petrochemicals, a news report said.
Hans Nijkamp, who heads up Shell’s Iranian affairs, said talks between the firm and Iran’s National Petrochemical Company (NPC) had gone on for months, according to Shana, the news agency of Iran’s oil ministry.
The two sides reportedly inked a preliminary memorandum of understanding on Sunday.
Iran is understood to be planning an expansion of its petrochemical output to 160million tons from 60million tons by 2025.
One of Iran’s deputy oil ministers was cited as saying he hoped petrochemicals projects involving both firms would start soon.