December 5, 2016
Japan’s ITOCHU signs €320m petchem deal in Iran
Japan’s general trading firm ITOCHU has signed a contract, worth €320 million, for financing petrochemical projects in Iran.
The deal was signed with Iran’s Persian Gulf Petrochemical Industries Company (ペルシャン・ガルフ石油化学工業 PGPIC) in Tehran on Saturday, Shana reported.
Back in September, Japan’s integrated trading and investment business conglomerate, Marubeni, signed a deal with the same value with PGPIC on financing petrochemical projects in Iran.
PGPIC has announced that it plans to attract €1.5 billion in foreign investment within the framework of short-term (usance) and medium-term contracts by the end of the current Iranian calendar year (March 2017).
Managing Director of Iran’s National Petrochemical Company Marzieh Shahdaie said in August that Iran needed more than $50 billion for completing its semi-finished projects in the petrochemicals sector.
Companies from Germany, France, Spain, Italy, the Netherlands, South Korea, Japan and even the U.S. have indicated readiness to participate in Iran’s petrochemical projects, she noted.
Last year, Iranian companies exported about $12.8 billion of petrochemical products. Iran currently produces 60 million tons of petrochemicals a year. This capacity will increase by 8.5 million tons by March 2017 when a number of new projects become operational.
September 26, 2016
Japan’s Marubeni to finance €320m petchem projects in Iran
Japan’s integrated trading and investment business conglomerate, Marubeni, has signed a €320 million short-term (usance) agreement on financing petrochemical projects in Iran, IRNA reported on Sunday.
The agreement was signed between Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) and Japan’s Marubeni insured by Japanese NEXI Nippon Export and Investment Insurance 日本貿易保険.
No further details have been released on the agreement.
Another contract with the same value and increasable to €640 million is being finalized and will be formally signed in the near future between the two sides, the report added.
Iran now has a production capacity of 60 million tons of petrochemical products per year and plans to increase the figure to 120 million tons by 2026.