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ICBC pledges $1.079 billion loan for Mehran Petrochemical Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Petro Saman Zagros |
| Country | Iran |
| Start Date | Apr 19, 2016 |
| End Date | Feb 19, 2033 |
| Duration | 6,150 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 67065 |
Grant Description
ICBC pledges $1.079 billion loan for Mehran Petrochemical Project In 2016, the Industrial and Commercial Bank of China (ICBC) signed a letter of intent to finance a joint venture project with Iran's Petrosaman Faragostar (also known as Petro Saman Zagros Company or PSZ) to develop a petrochemical complex in the city of Mehran.
An estimated $1.27 billion is needed for the development of the project.
ICBC agreed in principle to finance 85% of the total project cost, with Petrosaman Faragostar covering the remaining 15%.
On April 19, 2016, China National Technical Import and Export Corporation (CNTIC) and Petrosaman Faragostar signed an agreement related to this project (confirmed to be a deal for construction/construction agreement).
The purpose of the project is to set up a natural-gas-to-polypropylene conversion process at the petrochemical complex and it is expected to take 40 months to complete.
National Petrochemical Company (NPC), a subsidiary of Iranian Petroleum Ministry, is also expected to be involved in project implementation.
Sources & References
- China to invest in Mehran Petrochemical construction
- Chinese Bank to Finance Petchem Project in Iran
- China bank to make investment in Petchem plan in western Iran
- China Bank to Make Investment in Petchem Plans, قرارداد ساخت پتروشيمي مهران با سرمايه گذاري چين به امضا رسيد, قرارداد ساخت پتروشیمی مهران با سرمایه گذاری چین به امضا رسید
- Official Dismisses Claims on Iran's Frozen Petrochemical Assets in China
- CNTIC/NPC/PSZ – Mehran Petrochemical Complex – Ilam - Project Profile
- Chinese Bank to Invest in Iran's Petrochemical Projects Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Petro Saman Zagros
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