European Banks Provide $550m Loan to Iran Petrochemicals
A consortium of European banks, led by Deutsche Bank, has provided a 550-million-dollar loan to finance various petrochemical projects in Iran, the press reported Wednesday.
The loan, granted to Iran's National Petrochemical Company (NPC), will be for various projects to be carried out in conjunction with European firms, the papers said.
Iran has been seeking foreign capital for several years to develop its petrochemical industry.
As the second-largest OPEC oil producer and with the world's second-largest deposits of natural gas, Iran hopes to raise annual petrochemicals production to 30 million tons from 12 million currently.
Iran decided in its 2000-2005 national economic plan to invest a total of 7.5 billion dollars in the industry - TEHRAN (AFP)
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