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$16B Chinese finance goes into Iran’s petrochemical projects

$16B Chinese finance goes into Iran’s petrochemical projects

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Date: 2 January 2016 11:07

Tehran, Iran, January 1

By Mehdi Sepahvand – Trend:

16 petrochemical projects with a total budget of $16 billion have been introduced for Chinese finance, CEO of Investment at the National Iranian Petrochemical Company Amir Hassan Fallah said.

He added that so far worth $12 billion of the finance has been referred to the Central Bank of Iran for receiving facilities, the Oil Ministry announced January 1.

Eight of these projects have received financer credits and document credits for five of them are open now, the official further explained.

He added that Beijing has agreed to invest three times Iran’s blocked assets in China in Iranian petrochemical projects.

Commenting on the contribution of Iranian banks, he said based on international regulations, Iranian banks cannot invest in the country’s petrochemical projects.

Iran has been unable to attract foreign investment under sanctions that addressed the country’s nuclear program.

Earlier, International Petrochemical Company CEO Isa Mashayekhi, said the sanctions have grounded Iran’s petrochemical projects.

Iran is looking forward to the removal of sanctions following a July nuclear deal with world powers.

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