Iran Seeks Bank Financing to Rebuild Oil Facilities

Iran Seeks Bank Financing to Rebuild Oil Facilities
(Wednesday, October 14, 2026) 21:30

TEHRAN, Oct. 14 (NIPNA) – Iran’s acting petroleum minister Hamid Bovard has called for closer cooperation with banks and more flexible financing and contracting arrangements to accelerate the reconstruction of oil industry facilities damaged during what Iranian officials call the “Third Imposed War,” the Petroleum Ministry’s news service SHANA reported on Wednesday.

Bovard made the remarks on Tuesday during a review of reconstruction projects at damaged South Pars refineries and three petrochemical and energy companies in the Pars Special Economic Energy Zone, including Jam Petrochemical, Damavand Energy Assaluyeh and Mobin Energy Khalij Fars.

He said contract amendments should be made where necessary to speed up reconstruction, adding that the ministry needed to establish a common understanding with banks to secure project financing.

Iran could not afford to lose time in restoring damaged facilities, Bovard said, stressing that financing and implementation arrangements should serve the interests of all parties involved. Various funding sources had been considered for the projects, he added.

The acting minister welcomed contractors’ proposals for rebuilding and modernising the facilities, saying ministry experts would assess them technically before any approved proposals were implemented.

Bovard identified ensuring a stable gas supply to households during the winter as the ministry’s top priority, while acknowledging the challenges of accelerating reconstruction work.

The meeting brought together company executives, contractors and project managers to assess progress, review obstacles and identify measures to expedite the work.

On Tuesday, Bovard also visited damaged South Pars refineries and facilities operated by Jam Petrochemical and Mobin Energy Khalij Fars, accompanied by Mousa Ahmadi, head of parliament’s energy commission, and Bushehr Governor Arslan Zare.

 


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