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Chinese investors to fund 4 petrochemical projects in Iran
16
May '14
Four petrochemical projects, all in southwest of Iran, will be funded by Chinese investors, according to a TREND News Agency report.
 
Chinese companies would be investing €470 million in the construction of Lordegan Petrochemical Complex, the report said quoting Iran’s Mehr news agency.
 
Chinese investors have also pledged to finance Bushehr, Hengam and Gachsaran petrochemical complexes, the report said.
 
The process of extending credit to Iranian petrochemical projects by the Chinese firms went ahead after the November 24, 2013, interim agreement signed between Iran and the 5+1 group consisting of the five permanent members of the UN Security Council plus Germany.
 
In March this year, Abbas Sheri-Moqaddam, managing director of National Petrochemical Company (NPC), said that around US$ 8 billion worth of foreign investment is required for the development of the country’s petrochemical sector and the NPC is trying to attract investment from foreign investors.
 
Meanwhile, the NPC is setting up a Petrochemical Development Fund, wherein private investors, banks and other potential investors would be involved. The fund would help finance petrochemical development projects.
 
The exports of petrochemicals from Iran increased by about one percent year-on-year to US$ 10.723 billion during the last Iranian calendar year that ended on March 20, 2014. In the new Iranian calendar year that began on March 21, 2014, the country’s petrochemical exports are likely to touch $12 billion, as per NPC estimates.
 

Fibre2fashion News Desk - India

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