Jun 22, 2024 02:05

Chinese finances up for Grabs in Iran Petchem Projects: Official

Chinese finances up for Grabs in Iran Petchem Projects: Official
Chinese investors are ready to join petrochemical projects in Iran provided that Iranian banks absorb the finances, the vice president of the Iran-China Chamber of Commerce says.

Speaking to NIPNA, Majid Reza Hariri said, "The Chinese are ready to finance development projects in Iran, including those in the petrochemical sector, if the Iranian banks can receive the finances."

Hariri said China's finance is ready for Iran and private and public sectors have the option to use it, but from about $ 20 billion in new financing with China, the absorption rate is not significant.

Describing the reasons for not attracting China's finance in the projects by domestic and foreign developers, he stated: "To use finances in each project, 15% of it must be provided by domestic resources, and the average figure of $20 billion in foreign financing is about $3 billion. There are limitations on domestic funding resources for supplying this amount."

Hariri pointed out that for the use of finances, domestic investors should be able to attract credit from Iranian banks and secure collateral for the credits; for example, to attract $100 million, the project should secure $15 million in domestic funding and $85 million in collateral.

Apr 7, 2018 17:57
Nipna |
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