Baku, Azerbaijan, July 10
By Fatih Karimov– Trend:
Iran’s Petrochemical Commercial Company (PCC) has opened an office in London, the state-run company’s head, Mehdi Sharifi Niknafs said.
The company has opened a branch in London to pursue the issues related to attracting foreign financing and opening LC (letter of credit) for petrochemical projects, Sharifi Niknafs said, Mehr news agency reported.
An expert team from the PCC in London are negotiating with European parties for reopening of LCs and finances as well as equipment supply, the official said.
The new financial resources will be used for funding ongoing petrochemical projects in the country, Sharifi Niknafs added.
He further said that the PCC has signed a finance deal with Spanish investors so far, forecasting that one or two new MoUs will be signed with European firms in the near future.
Iran's Sixth Five-Year National Development Plan (2016-2021) has envisaged attraction of $40 billion worth of investment to the petrochemical sector.
In this regard, National Petrochemical Company (NPC) of Iran and private petrochemical companies are making their most efforts to take necessary measures for attracting foreign companies to invest in the country.
Iran’s actual petrochemical output capacity is around 63 million tons per year. The country hopes to bring the capacity to 120 million tons by 2020 and 160 million tons by 2025.
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