Japan, S. Korea to Finance €520m in Petchem Projects

Iran’s Petrochemical Commercial Company International (PCCI) is in talks with investors from Japan and South Korea for an investment of €520 million in petrochemical projects in Iran in the form of usance letter of credits (LCs).

Managing Director of PCCI, a subsidiary of Persian Gulf Petrochemical Industries Company (PGPIC), Isa Mashayekhi told Shana that his company has initiated talks with Japanese and Korean investors for financing petrochemical projects in the Islamic Republic.

He said Iran’s Ministry of Economy and Finance should provide state guarantees with the supervision of the Central Bank of Iran for PGPIC to access credit lines from other countries alike Japan and South Korea.

He said a Korean credit line valued at €13b is available for Iran and the Japanese credit line, valued at €10b, will become available or Iran in the month of August 2017.

PCCI is in charge of holding talks with international companies for financing petrochemical projects and attracting investments for PGPIC projects.

(Source: Shana)

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