Positive Signs of Chinese Funding Iran Petchem Projects Emerging

TEHRAN Oct. 5 (Shana) – Director of Planning and Development in the National Iranian Petrochemical Company (NIPC ) said there are increasing signs of the positive impact of China’s financing in Iran’s petrochemical projects.

“The Chinese are to fund 21 projects of the industry’s 68 overdue projects while 20 more will be covered by the National Development Fund,” Hamid-Reza Rostami told reporters on Monday.

Iran’s petrochemical industry is in need of annual investment of 8 billion dollars, he added.

In a bid to attract a total investment of 50 billion dollars from Chinese financiers, Rostami said, a 10-billion-dollar quota was negotiated out of which 2 billion dollars have been allocated to Sabalan, Bushehr, Masjed Soleyman, and Lordegan projects.

In February, NIPC managing director, Abbas Shari-Moqaddam said some 18 petrochemical projects were introduced to China for financing, and four of them are being funded.

"Currently, Iran's petrochemical industry requires $30 billion in investment. Definitely, with the complete removal of Western sanctions, more European and Asian investors will be willing to take up investment opportunities in Iran," he added.
News ID 247942

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