Iran Seeks Bank Financing to Accelerate Petrochemical Recovery

Iran Seeks Bank Financing to Accelerate Petrochemical Recovery
(Thursday, October 29, 2026) 19:47

TEHRAN, Oct. 28 (NIPNA) — Iran expects to resolve a significant share of the petrochemical industry’s financing challenges within the next one to two months, accelerating the reconstruction of damaged plants and the completion of projects nearing startup, Deputy Oil Minister and National Petrochemical Company (NPC) Managing Director Omid Shakeri said.

Speaking at a meeting on financing priority petrochemical projects and reconstruction work, Shakeri said the NPC was using available resources and mechanisms to help damaged facilities return to operation as quickly as possible.

He described restoring the affected plants as a national priority and said the NPC had asked Bank Tejarat to extend its longstanding support for the petrochemical sector to reconstruction projects.

Shakeri also highlighted projects nearing completion that have stalled or slowed because of funding shortages. Bringing these facilities online quickly would benefit the national economy and support continued industrial development, he said.

Bank Tejarat Chief Executive Hadi Akhlaghi said petrochemical companies would submit applications detailing their financing needs for repairs and reconstruction. The bank would review the requests and take steps to arrange the required funding.

Financing needs are split between foreign currency and local currency, Akhlaghi said. Foreign-currency requirements will be pursued through the National Development Fund, while requests for financing in rials will be submitted directly to Bank Tejarat.

The bank aims to determine the status of the applications within one month and advance financing according to a defined timetable, he said.

Akhlaghi estimated that reconstruction of many damaged facilities could take between six months and 18 months. Restoring the plants could recover a significant portion of lost production capacity and help meet domestic demand, he added.

The meeting, hosted by the NPC on Wednesday, brought together senior officials from the company, Bank Tejarat and petrochemical producers to discuss funding for priority projects, reconstruction of damaged facilities and financial obstacles facing projects close to commissioning.

 


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