Iran would receive € 4bn in oil finance

The NIOC deputy-head has said € 4bn ($ 5.4bn) in Chinese oil finance would help establish seven new petrochemical projects in the country.

Hassan Peivandi told Mehr News that in line with the new seven petrochemical projects, thirteen more projects would be established in the near future.

“Chinese financiers have opened seven new projects on petrochemical industry in Iran which costs € 3.5 to 4 billion and soon some more projects would open by Chinese financiers,” said Peivandi.

This member of National Iranian Oil Company maintained that totally 20 new petrochemical projects were going to be invested upon to increase production capability to 100 million tons on annual rates.

Cabinet of ‘prudence and hope’ was ambitious in its objective of increasing the petrochemical products manufacture to 100 million tons worth of $ 40bn annually.

After Geneva joint Plan of Action between Iran and Powers, Chinese financiers have participated in Iran’s petrochemical projects and accelerated them.