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China to invest $1bn in Iran

28 August 2010 5:35

Iran and China are to finalize a deal in the coming days on the latter’s corporate investment in Iranian petrochemical projects.

The National Iranian Petrochemical Company (NIPC) and a Chinese consortium are completing talks on an agreement under which the Chinese side is to funnel some $1 billion into petrochemical projects in Iran, reported the Mehr News Agency.

This comes as no other Chinese firms have, so far, participated in the construction and development of petrochemical facilities in Iran.

Negotiations are also underway with several other countries for further development of Iran’s petrochemical industries.

Sixty-one petrochemical projects are to come on stream in Iran during the Fifth National Development Plan, raising the country’s petrochemical output capacity to 100 million tons a year.

The construction of the petrochemical facilities requires a total of $43 billion in investment funds. Contracts have already been signed for implementation of 28 of those projects.

An agreement has also been concluded with Iran’s Bank Melli on the issuance of some $1 billion worth of bonds to help foot the bill.

Iran and China are big trade partners, and have been expanding their cooperation in a whole range of areas, including energy.

Iran is also a major supplier of crude oil to China.

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