Royal Dutch Shell Signs Petrochemical Cooperation Accord With Iran

Royal Dutch Shell (RDS.A, RDS.B) has signed a preliminary memorandum of understanding with Iran’s National Petrochemical Company to cooperate in the petrochemical industry, Reuters cited the Iranian oil ministry’s news agency SHANA as saying on Monday.

‘We believe that we can have joint projects in the petrochemical field with the National Petrochemical Company,” the report cited Hans Nijkamp, the head of Iran affairs at the oil company as saying,

Marzieh Shahdaei, Iran’s deputy oil minister and CEO of National Petrochemical Company, said that Iran plans to expand its petrochemical output from the current level of 60 million tons to 160 million tons by 2025, according to SHANA.

Shell American depositary shares were up 2% in early trading.