The Export Development Bank of Iran has supplied the money as an 8% loan to the project.
Completion of the project is estimated to cost IRR5,500b and €348m that is planned to be supplied based on a 5-year financing plan.
The NDFI will be dipped into for supplying the finances needed for completion the project.
Once operational, the project will add over a billion dollars to the country’s petrochemical exports.
Managing Director of Gachsaran Petrochemical Plant Ghasem Mahmoudi said recently that the project has so far made 38% progress and will come on-stream by summer 2018.
Speaking to NIPNA, Mahmoudi said the National Development Fund of Iran has been tapped for financing the project, adding that so far half of the machinery and equipment needed for completion of the project has been procured and will be presently installed and run by Iranian contractors.
Once completed, the one-million-ton project will feed several petrochemical plants including Dehdasht and Kazeroon, he added.
He also said a tender for laying down the feedstock and water pipelines of the project will be held in the near future.
Gachsaran Petrochemical Plant is to be fed by Bidboland II Gas Refinery.