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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).
Itochu’s is the second usance payment facility secured by PGPIC with a Japanese firm. In September, the company secured an agreement with Marubeni, also for €320mn, intended to “promote economic ties” between the two companies. (CONTINUED - 854 WORDS)
DATA INSIDE THIS ARTICLE
|table||Iran'S Post-Sanctions Preliminary Petchems Deals|
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