Baku, Azerbaijan, Dec.3
By Fatih Karimov - Trend:
China has opened a line of credit (LC) worth $375 million for Iran's Gachsaran petrochemical project.
National Iranian Petrochemical Company's Managing Director Abbas Sheri Moqaddam said the first Chinese LC has been opened for the Gachsaran petrochemical project, Iran's Mehr news agency reported on Dec. 3.
LCs for another four petrochemical projects will be opened in the near future, he added.
Moqaddam also said that Chinese investments for five of Iran's petrochemical projects are estimated at $2 billion.
Esmaeil Mahsouli, Iranian Deputy Energy Minister, said in November that Chinese investments for Iranian projects have increased from $23 billion to over $50 billion.
The Chinese investments will be used to implement industrial, development, and economic projects in the oil, gas, petrochemicals, water, and electricity sectors, he added.
Iran and China has already agreed on $23 billion worth of financing for Iranian projects, but the government made some suggestions to China, so that the volume of finance reached $50-$52 billion, he explained.
Some $1.5-$2 billion will be invested in water and electricity projects, he noted.