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Iranian Petchem projects get US$23.5bn bank loan

December 20/2010

(Arabian Oil and Gas) -- Irans petrochemicals industry is set to get a US$23.5 billion loan from domestic banks to fund projects according to an official from National Petrochemical Company (NPC), a subsidiary of the Iranian Petroleum Ministry. The amount will be used for construction plan of 35 petrochemical projects, according to the Mehr News Agency.


An agreement worth $6 billion for financing 21 projects is being finalised with Bank Melli Iran, while Bank Mellat will allocate $4 billion for construction plan of Damavand Petrochemical Complex. Bank Pasargad will also allot $2 billion to four projects and Bank Saderat of Iran will allocate $3.5 billion for another four projects.


According to the officials, Bank Sepah will finance two petrochemical projects worth $2 billion, while Sepehr Energy Corporation, an affiliated company of Bank Saderat of Iran, will allocate $7 billion to three other projects.


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