Japanese, German Firms Eager to Invest in Iran Petchem Sector: NPC Official

Japanese, German Firms Eager to Invest in Iran Petchem Sector: NPC Official
(Sunday, November 20, 2016) 22:11

TEHRAN (NIPNA) -- Director of Investment at the National Petrochemical Company (NPC) Hossein Alimord said talks are under way with German and Japanese companies for financing petrochemical projects in Iran, adding the funds will be supplied in the form of credit lines and short-term usance.

Addressing a press conference, Alimorad said a credit line valued at 320 million Euros by Japanese companies for the Persian Gulf Petrochemical Industries Company (PGPIC) projects has been finalized. 
He said the fund will be supplied in the form of a short-term two-year usance letter of credit to the PGPIC. 
He said talks with another Japanese firm are under way for a 640-million-Euro credit line. 
The L/C permits the beneficiary to be paid immediately upon presentation of specified documents or at a future date as established in the sales contract.    
He further said executives of a leading European company will visit Tehran within the next few days to explore avenues for investment in petrochemical projects in Iran. 
“There is this other European company that has earmarked €6b for financing petrochemical projects in Iran,” he added. 
Alimorad said the company has offered a primary proposal and NPC is currently finalizing the investment. 
He further added that the NPC is seeking to absorb €100m credit lines with Hermes Insurance coverage. 
Elsewhere in the press conference, the official said German banks have also signaled keenness to bankroll projects linked with the NPC. 
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