German industrial gases and engineering company Linde, together with Japan’s Mitsui Chemicals, is said to be planning to invest $4 billion in petrochemical projects in Iran.

According to press reports in the country, Linde is considering several projects, including Damavand Petrochemicals, although nothing has been finalized yet.

German chemical giant BASF is also reported to be planning a $6 billion investment in the country. Hamid Reza Rostami, director of planning with state-owned National Petrochemical Company (NPC), said last December that BASF would invest in Asaluyeh where Iran is developing the giant South Pars gas project.

Executives from BASF and Linde met Iranian energy officials in Tehran last July as part of a German delegation to discuss investment opportunities and transfer of technology.

NPC is said to be in talks with investors from Germany, Spain, Italy and Japan. Foreign investors are waiting for the finalization of feedstock pricing formulas and the full implementation of the Joint Comprehensive Plan of Action, the international agreement on Iran’s nuclear program that was reached last year.

Iran has many half-finished petrochemical projects which, once completed, will double the country’s petrochemical production capacity from its current level of 60 million t/y.