National Petrochemical Company (NPC) and Dutch-British Company of Shell signed on Sunday a Memorandum of Understanding for cooperation on petrochemical industry.
Managing Director of NPC Marziyeh Shahdaei and Deputy head of Royal Dutch Shell Company bureau in Iran Hans Nay Kamp signed the MoU in presence of Deputy Petroleum Minister for international and commercial affairs Amir Hossein Zamaninia and the Netherlands' Ambassador to Tehran Susanna Terstal and Deputy head of British Mission in Tehran Ben Fender.
Iran has capacity to produce 61 million tons petrochemicals annually and intends to augment the amount to 120 million tons in the next 10 years.
The project for joint venture investment is estimated at 70 billion dollars which mainly should be provided from foreign resources.