Iran National Petrochemical Company (NPC) vice president, Mohammad Hassan Peyvandi, has confirmed that the company has been in talks with BASF about a “giant joint investment project,” the Iranian Farsi News Agency (FNA) reports.

The agency said the executive revealed talks with the Germany-based world’s largest chemical producer at a press conference ahead of the Iran Petrochemical Forum (IPF) 2015 in Tehran on Dec. 13-14. In November, he had hinted that major European chemical manufacturing companies were ready to transfer technology and invest in Iran’s petrochemical industry.

Peyvandic did not provide further details on the scope of its intended cooperation with BASF, but suggested it would be an equal partnership.

“In the negotiations with foreign firms, we stress on joint production of equipment and development of the petrochemical industry rather than purchase of goods,” he is said to have told journalists.

“Iran’s coastlines of Persian Gulf and Oman Sea are one of the best locations for investment to launch petrochemical projects,” FNA quotes Peyvandi as saying, while adding that “Iran's private sector enjoys the advantages of skilled manpower and available feedstock.”

Peyvandi said Iran has defined dozens of major projects to revamp its petrochemical industry and dramatically boost output. Referring to the upcoming IPF 2015, he said some 97 foreign companies from 25 countries have confirmed participation, along with 368 Iranian companies and pointed to an expected 12% rise against last year’s event.