Shell offers to invest $350M in Iran’s petchem project

Shell offered the technology for Iran’s Ibn-e Sina Petrochemical Complex worth $350 million, the director of Hamedan province’s industry and mine department, Hamidreza Matin told Tasnim news agency.

This is while a Chinese company also offered to invest in the project, but a lesser amount - $168 million, he said.

The report didn’t mention the Chinese company’s name, but Iran was negotiating with Sedin Engineering Company last year to develop the mentioned project.

Shell signed a memorandum of understanding with Iran Oct.9.

"We can confirm that we have expressed our interest to further explore potential area of cooperation with Iran’s National Petrochemical Company through a Letter of Intent," Nureddin Wefati, head of Media Relations for the Middle East and North Africa of the company told Trend Oct. 10.

Meanwhile, Shana news agency reported that Shell offers direct investment in the project.

Iran used to plan to invest $253 million in Ibn-e Sina project to produce 266,000 metric tons of products annually, such as ethylene oxide, ethylene glycols, ethoxylates, glycol ether, etc.

Tasnim news agency reported that Iranian banks would issue a $220 million loan to the project, but IRNA reported earlier that Shell may invest directly into this project.