China to Finance Petrochemical Projects in Iran: Official
TEHRAN (Tasnim) – An Iranian petrochemical official announced on Saturday that Chinese credit lines have been opened for four petrochemical projects in Iran.
Vice-President of Iran’s National Petrochemical Company Mohammad Hassan Peyvand told the Tasnim News Agency that Masjed Soleiman, Sabalan, Bushehr, and Lordegan are the projects for which Chinese lines of credit (LC) were opened.
“The projects will tap into a total amount of $2 billion from the Chinese LCs,” the Iranian official added.
Referring to the problems with Chinese LCs in recent years, Peyvand went on to say that the obstacles to using such credit lines have been removed.
In recent years, China has financed many Iranian projects, especially in the oil and petrochemical industries. Earlier this month, it was announced that efforts are underway to secure a credit line from China to fund renovation of Iran’s oldest oil refinery.