According to the cooperation document, the Indonesian company and NPC will work together in construction of petrochemical complexes in Iran, Director of the Investment Department at NPC Hossein Alimorad said on the sidelines of a ceremony held to ink the MoU.
The MoU is about assessing the economic aspects of Indonesia direct investment in four petrochemical projects in Iran, the official added.
He said it is expected that after assessment, 1 or 2 of the four petrochemical projects are chosen for execution.
The Indonesian company has plan to invest in Iran's Chabahar region in the southeastern province of Sistan-Baluchestan, Alimorad noted.
Oil, gas and petrochemistry are major topics of economic discussions between Iranian and Indonesian officials during the Indonesian president visit to Iran.
Indonesian President Joko Widodo was officially welcomed by President Hassan Rouhani at Saadabad Cultural Complex in North of Tehran on Wednesday.
Widodo, heading a high-ranking delegation, arrived in Tehran on December 13 to confer with Iranian senior officials.
The trip aims at boosting cooperation in oil and gas management and investment on refineries in Iran.
Indonesian president is to meet the Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei and Parliament Speaker Ali Larijani.
Widodo's trip is a response to President Rouhani's visit to Indonesia last year.
President Rouhani had a tour to Indonesia last year and met Indonesian officials to develop bilateral cooperation.