Managing Director of the PGPIC Adel Nejad Salim and Acting Head of Japanese ITOCHU Company signed the 320-million-euro deal at Tehran’s Hotel Espinas Saturday evening.
Addressing the signing ceremony, Nejad Salim referred to the history of the presence of Japanese developers in Iran’s petrochemical projects like Bandar Imam Petrochemical Company's development with the cooperation of Japanese companies, and welcomed their continued partnership in petrochemical projects in Iran.
For his part, ITOCHU’s representative voiced pleasure at cooperation with Iran, saying ITOCHU intends to expand its presence in Iran.
He said Iran is a powerful market for petrochemical products, adding there is a possibility for cooperation with Iran in marketing such products as polyethylene.
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.