Iranian petrochemical company head warns about debt

Iran Materials 28 January 2012 13:42 (UTC +04:00)

Azerbaijan, Baku, Jan. 28/ Trend M. Moezzi /

The head of the National Iranian Petrochemical Company (NIPC) complained about 3 trillion rials (about $245 million) that a petrochemical complex owes the government, Pana News reported.

When some of Iran's petrochemical complexes were transferred to the private sector, they still had to make their loan payments, Abdol Hossein Bayat, NIPC's managing director, said.

As the loan guarantor the NIPC has continued to make the loan payments to safeguard its credit.

After their privatization, the complexes are still obligated to pay their loans, Mr. Bayat said. The Jam and Pardis units have begun to repay the NIPC and the Laleh Petrochemical Company which is on the verge of completely settling its debts. But the Amir Kabir Petrochemical Company has made no progress in paying back its debt and has not met with the NIPC despite repeated attempts to schedule a meeting.

Amir Kabir's unpaid debt increases daily because its loans are dynamic, NIPC head said.