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China starts providing financing to Iranian petchem projects

by ChemOrbis Editorial Team -
  • 13/02/2015 (15:14)
According to media reports, China has started to open lines of credit for several of Iran’s oil and petrochemical projects. The amount of the funds was not disclosed, however, the two countries reportedly reached an agreement in September which covers at least 12 petrochemical projects, in which Iran asked China to provide $13 billion for the planned projects.

Sources stated that China owes Iran over $20 billion in oil payments frozen in overseas banks because of US-led sanctions against Iran. The two countries have reportedly reached an agreement to make up for the frozen money through China’s funding of petrochemical projects.

It was reported that an additional 18 projects will be funded by Iran’s National Development Fund (NDF) and that the country needs $31 billion to commission 60 half-completed petrochemical projects. Once the planned projects are completed, Iran’s production capacity will double compared to the country’s current capacity of 60 million tons per year.
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