Japan Opens Letter of Credit for Methanol Project

Japan is planning to open letters of credit worth up to €230 million for construction of Iran’s Apadana Persian Gulf Petrochemical Plant, which will need 462 million euros in finances for completion, the plant’s managing director says.

Touraj Arounaqhi said a portion of the required investment will be supplied by Japanese companies to Persian Gulf Petrochemical Industries Company (PGPIC), mother company of Apadana Persian Gulf Project.

He said the project is 28 percent completed.

Japanese companies have started opening usance L/Cs worth other 960 million euros for Iran’s petrochemical projects since last year.

(Source: Shana)

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