Off the wire
• Roundup: Fleet Street divided on referendum as EU campaigning restarts  • Turkish border guards kill 8 Syrians in 24 hours  • China Exclusive: Chinese martyr's family touched by Xi's homage in Belgrade  • Weather forecast for major Chinese cities, regions -- June 19  • Russia denies bombing Syrian rebels that participated in cease-fire  • Weather forecast for world cities -- June 19  • 1st LD: Death toll of Indonesia's flooding, landslides rises to 35, with 25 missing  • Urgent: Death toll of Indonesia's landslide, flood rises to 35, with 25 missing  • Gunmen kill 15 in SW Nigeria attack  • Suicide bomber kills 3 in Syria's Qamishli  
You are here: 　 Home

Iran seeks Japan, S. Korea's investment in petrochemical projects

Xinhua, June 19, 2016 Adjust font size:

A major Iranian petrochemical company is in talks with some Japanese and Korean investors for financing Iran's petrochemical projects, Iran's Petro-Energy Information Network (SHANA) reported on Sunday.

The negotiations between Iran's Petrochemical Commercial Company International (PCCI) and some Japanese and Korean investors are aimed to attract an investment of 520 million euros (586 million U.S. dollars) in petrochemical projects in Iran in the form of Usance Letter of Credit, Managing Director of PCCI Isa Mashayekhi told SHANA.

Usance Letter of Credit permits the beneficiary to be paid immediately upon presentation of specified documents or at a future date as established in the sales contract.

Mashayekhi said that his company has initiated talks with the Japanese and Korean investors and Iran's Ministry of Economy and Finance should provide state guarantees to access credit lines from other countries.

PCCI, a subsidiary of Persian Gulf Petrochemical Industries Company (PGPIC), is in charge of holding talks with international companies for financing petrochemical projects and attracting investments for PGPIC projects. Endit