Iran's National Petrochemical Company (NPC) and French energy giant Total have signed a memorandum of understanding (MoU) to set up a petrochemical complex in Iran, said a report.

The MoU was inked during the visit of a high-profile delegation from Total to Iran last week, added the Iran Daily report.

Total has agreed to initiate appraisal studies for construction of the project in Iran, the report said.

The complex will include a steam-cracker unit that will be built in coastal regions based on the world's latest standards to be fed by ethane, naphtha, liquefied petroleum gas (LPG) and other liquid feedstock.

Once completed the complex will supply domestic and well as international markets with petrochemical products, added the report.