The Persian Gulf Petrochemical Industries Company (PGPIC) investment unit of Iranian state petchems firm NPC has signed a deal with Japan’s Itochu for a usance letter of credit worth €320mn ($343mn). NPC says it is negotiating credit lines amounting to €22bn ($24bn) with foreign firms.
Itochu executive vice-president Ichiro Nakamura says the company is keen to cooperate with Iran, in particular on polyethylene projects. Itochu is also among companies holding talks for Iranian refining projects (MEES, 4 September 2015). (CONTINUED - 854 WORDS)