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Japanese firm signs deal to fund Iran's petrochemical project

Xinhua, December 5, 2016 Adjust font size:

Japan's Itochu Corporation signed an agreement with Iran Persian Gulf Petrochemical Industries Company (PGPIC) to fund a petrochemical project of the Iranian company, state Press TV reported on Sunday.

Itochu will provide 341 million U.S. dollars for the development of the project, said the report.

In addition, Isa Mashayekhi, managing director of Iran's Petrochemical Commercial Company International (PCCI), said earlier that his company was in talks with some Japanese and Korean investors for financing Iran's petrochemical projects.

The talks aimed to attract an investment of 586 million dollars for petrochemical projects in Iran, Mashayekhi said.

The managing director also said that Iran's Ministry of Economy and Finance should provide state guarantees for the company's access to credit lines from other countries. Endit