Baku, Azerbaijan, Feb. 15
By Fatih Karimov – Trend:
China will provide $3.6 billion worth of investment for Iran’s Masjed Soleyman Petrochemical Industries Co. (MIS), Mehr news agency reported.
Chinese Wuhan Company, a subsidiary of China Petroleum & Chemical Corporation (Sinopec), signed a memorandum of understanding with Iran’s MIS on the issue Feb. 14.
The deal was signed by Yousef Davoodi, managing director of the MIS and representative of the Chinese firm in Tehran during a ceremony attended by Ali Rabiei, Iran’s minister of Cooperatives, Labour and social welfare.
Earlier in July 2016, Masjed Soleyman Petrochemical Industries, which is held by Iran's National Pension Fund, signed a MoU, worth 5 billion euro, with South Korean Samwoo Engineering and Construction (E&C) for a plant construction project.
Iran announced Feb. 6 that China opened a credit line worth $1.3 billion for developing Iran’s Abadan refinery and Sinopec has started the project.
China is Iran’s number one oil client, importing about 600,000 b/d of Iran’s oil during 2016.
China is also Iran’s biggest non-oil trade partner. It exported $8.403 billion to Iran and imported about $6.543 billion (including gas condensate and liquid gases) from Iran during 10 months of Iran’s fiscal year that started on March 21, 2016.
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