Iran’s Persian Gulf Petrochemical Industries Co (PGPIC) is in talks with Asian companies to raise around €1 billion ($1.1 billion) for an expansion scheme, including a methanol project, intended to serve China and other Asian customers.

Touraj Seyed Arvanaqi, managing director of PGPIC’s Veniran Apadana methanol project, named an Italian company as a potential investor in the company, added the Iran Daily News report.

He however declined to identify the companies until negotiations are concluded.

Iran's petrochemicals industry needs $60 billion in foreign investment to more than double chemicals production capacity over the next decade, according to Marzieh Shahdaei, deputy oil minister and managing director of state-run National Petrochemical Co.

Arvanaqi further added that Veniran Apadan is seeking to produce 1.65 million tonnes of methanol a year for export to China and other parts of Asia.