By  Trend

Iran has agreed with France’s Total and Anglo-Dutch Shell separately on construction of petrochemical plants, based on $240/ton ethane feedstock price, Islamic Republic's Deputy Oil Minister for Petrochemicals Marzieh Shahdaei said Nov.4.

Earlier she announced that Total agreed to invest $2 billion to construct an ethane cracker and two poly ethylene units in Iran.

Shell has also agreed to invest in Iran's Ibn-e Sina petrochemical plant.

Shahdaei said that Shell and Total would enjoy a 25-percent benefit with $240/ton price for needed ethane feedstock for their projects.

Her statement is a response for domestic petrochemical companies which criticise the government plan to increase the feedstock price.

Last week Iran’s oil ministry increased ethane price for domestic companies to $240/ton, a step that was heavily criticized and the oil minister Bijan Namdar Zanganeh had to cancel that himself.