According to the report, Iran's National Petrochemical Company (NPC) and the Anglo-Dutch energy giant Royal Dutch Shell signed a letter of intent (LOI) for starting studies to carry out petrochemical projects in Iran.
A ceremony was held here in Tehran at NPC's locality for signing the document which is marked as the first firm step taken by the two sides since removal of the US-led sanctions on Tehran's nuclear program.
From NPC, Managing Director of the company Marziyeh Shahdaei and from Shell Hans Nijkamp, Shell Vice President Iran, signed the deal at the 13th floor of the NPC building on Sunday.
"We have formulated an aggressive and ambitious but realistic development program part of which is currently under way. Our mission is to increase exhibiting capacity from over 60 million tons per year in 2016 to 100 million tons in 2020 and then to about 160 mt in 2025," said NPC Chief Shahdaei during the ceremony.
"We have been in discussion with the NPC for some time to come to this Letter of Intent signing ceremony," Nijkamp told Shana prior to signing the document.