€340.6m from Forex Fund earmarked for petrochemical sector

Iran Materials 22 June 2009 10:54 (UTC +04:00)

TEHRAN (MEHR - Trend )

The board of trustees of the Iran's Foreign Exchange Reserves Fund has approved the allocation of €340.6 million to the domestic petrochemical sector.

According to the Mehr News Agency, the board has allowed to draw out 233.1 million euros from the Forex Fund to be allocated to Mahabad and Lorestan petrochemical companies and 107.5 million euros to Kordestan Petrochemical Company.

The approval also gives permission to the Bank of Industry and Mine to allocate another 233.1 million euros to Mahabad and Lorestan petrochemical companies.