Iranian banks to invest more in petrochemical projects

Iranian banks have announced they would enhance their investment in petrochemical projects of the country.

Iran's petrochemical industry needs the support of banks in order to complete its under-construction projects.
Iran's petrochemical industry needs the support of banks in order to complete its under-construction projects.

Director of investment at Iran’s National Petrochemical Company (NPC) Hossein Alimorad said Bank Mellat is finalising an agreement with a petrochemical holding for financing its projects. Iran’s domestic banks have long been effectively involved in petrochemical projects.

"We expect the banks to bolster their presence in the petrochemical industry under the current circumstances," Alimorad added.

Washington recently reimposed sanctions against Iran after US President Donald Trump pulled the United States out of the 2015 nuclear deal under which Tehran curbed its nuclear programme in return for the lifting of most international sanctions.

Trump’s administration is pushing allies to cut imports of Iranian oil to zero, a move Iran says would fail.

Alimorad went on to add that National Development Fund of Iran has displayed perfect cooperation with petrochemical companies by funding projects so far.

He further added that there is vast potential for investment in Iran's petrochemical industry and the front-line industry needs to enjoy the support of banks in order to complete its under-construction projects.

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