Iran in talks with Germany to open €12B petchem LCs
Tehran, Iran, November 14
By Mehdi Sepahvand - Trend:
Iran is in talks with two German companies to open lines of credit with a total value of 12 billion euros, according to National Petrochemical Company’s Chief Investment Officer Hossein Alimorad.
In the meantime, he said, the Central Bank of Iran and the Ministry of Economy are in talks with China, South Korea, and two or three European countries to open LCs, SHANA news agency reported November 14.
He further said Iran is in talks with a Japanese company to open an LC worth 640 million euros.
Shortly after the implementation day of the Joint Comprehensive Plan of Action (JCPOA) in January, Iran’s first international LC was opened by a Japanese company. Worth 320 million euros, the LC went to the Persian Gulf Holding.
Facing tapering oil revenues after the fall of prices in the global market, Iran is making attempts to attract foreign investment to its developmental plans, in the energy sector in particular.