Speaking at a ceremony held to sign a letter of intent between Iran’s National Petrochemical Company (NPC) and Royal Dutch Shell here in Tehran on Sunday, Zamaninia said following the implementation day, the hurdles on the way of foreign investors to return to Iran are being removed one after the other.
He said the document is a key first step and an indication of the attractiveness of Iran’s petrochemical sector for foreign investors.
The official also expressed hope that such documents will turn into an agreement in the near future and veritable investments are made in the sector.
“I think this LoI will become operational before other such documents,” he said.
Zamaninia also estimated that deal valued at over $10b will be signed in the petrochemical sector by the end of the current Iranian calendar year to March 20.
The Anglo-Dutch energy giant, Royal Dutch Shell, have signed a joint letter of intent for restoring cooperation in Iran’s petrochemical sector in the wake of removed US-led sanctions on Tehran’s nuclear program.
Signed at the locality of the NPC in Tehran on Sunday, the document is the first firm step taken between an Iranian state-run firm and a foreign one for industrial cooperation.
Managing director of National Petrochemical Company (NPC) Marziyeh Shahdaei, Deputy Head of Mission of the British Embassy in Tehran Ben Fender, Shell Vice President Hans Nijkamp, Dutch Ambassador to Tehran Susanna Terstal, Deputy Petroleum Minister in International Affairs and Trading Amir Hossein Zamaninia and a number of other Shell and NPC officials attended the ceremony.
During the ceremony, Shahdaei expressed satisfaction at signature of the document, voicing hope it will lead to further cooperation in various grounds between the two companies.
She said Iran enjoys 8 million skilled human resources in its petrochemical sector, adding the country is planning to bring its total petrochemical output from the current 60 million tons per year to 100 mt by 2020 and 160 mt by 2025.