Japan to finance Iran’s petchem projects
In a statement by the ministry, it was remarked that Japan’s Marubeni Corporation has signed a deal with Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) on September 1 in Tokyo to provide as much as €320 million ($359.25 million) for the development of PGPIC’s petrochemical projects. Sources say funding could reach as much as €640 million after the initial agreements are fulfilled.
The officials stated that the investments will be realized in the form of usance letter of credits.
Previously, it was reported that South Korea and Japan were in talks to invest in Iranian petrochemical projects.
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