4 December 2016 - 08:14
  • News ID: 273868
PGPIC, ITOCHU Sign € 320m Usance Deal

TEHRAN, Dec. 04 (Shana) – The second contract for providing finance from international markets on short-term (usance) basis has been signed this time with Japanese ITOCHU.

Managing Director of Persian Gulf Petrochemical Industries Company (PGPIC) Adel Nejadsalim and Acting Head of Japanese ITOCHU Company signed the 320-million-euro deal.

Addressing the signing ceremony, Nejadsalim referred to the chronology of cooperation with the Japanese, including Bandar Imam Petrochemical Company's cooperation with the Japanese in the petrochemical field, welcomed their continued partnership.  

The Japanese company envoy, voicing pleasure with cooperation with Iran, said ITOCHU intends to expand cooperation with Iran.

He said Iran is a powerful market for petrochemical products and said there is possibility for cooperation with Iran in marketing such products as polyethylene.

A number of the ITOCHU directors were also present in the ceremony.

The first such usance financing contract under NEXI insurance coverage had been signed with Marubeni Company in Tokyo, Japan, on September 1. It was worth 320 million euros.

PGPIC had already announced that it plans securing usance finance to the value of up to one billion euros and also short-term financing to the value of about 500 million euros this year.

 

News ID 273868

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