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Japan to finance Iran’s petchem projects

by ChemOrbis Editorial Team -
  • 27/09/2016 (09:52)
According to media reports, Japan is the first country that will fund Iranian petrochemical projects following the lifting of sanctions, Iran’s Ministry of Petroleum announced.

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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