Iran signs $4.5 billion deal with China

Chinese loans funding Iranian petrochemical investments.

Iran signs $4.5 billion deal with China

World Bulletin / News Desk

China and Iran have signed a $4.5 billion deal to finance petrochemical investments in the Islamic Republic, according to the country’s deputy petroleum minister.

Ali Macidi, in a statement through Iran’s Mehr News Agency, said that 12 new projects in the energy field will be realized with Chinese loans. Eight projects have been financed so far, he said.

Some of these projects will be co-funded by Russia, Macidi added, claiming that talks with the Iranian Central Bank about providing payment guarantees for Chinese credit are still ongoing.

Four projects underway, which are worth 470 million euros [$607 million], in Iran's Chaharmahal and Bakhtiari Province were also financed by China, Macidi said.

General Director of the Iranian National Petrochemical Commercial Company Abbas Siiri Mukaddem has previously claimed that Iran has applied for 10 billion euro in credit to China and that 2 billion euros of that amount were used for new petrochemical projects in Bushehr, Masjed-e Soleyman, Lordegan and Sabalan provinces.

Last Mod: 10 Eylül 2014, 15:51
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