Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) is reported to inject over $11b in it’s business with more than $1b coming from two agreements with Japan’s Marubeni, reported Press TV.
The first agreement between the firms is for the development of petrochemical projects worth $359m in investments from the Japanese organization. Furthermore, the two companies are in talks to finalize an additional deal worth $718m. PGPIC will be covering the bulk of the investment with $10b for company projects, according to Natural Gas World.
In June, a top petrochemical official in Tehran stated that discussions were underway with investors from Japan and South Korea to finance Iran’s petrochemical projects through the Usance Letter of Credit (L/C) mechanism. Furthermore, Iran’s Petrochemical Commercial Company International (PCCI) Managing Director, Isa Mashayekhi, said that the company was in talks with some Japanese and Korean investors to attract investment worth more than $583m.
PCCI is a subsidiary of PGPIC which negotiates with international companies for the financing of petrochemical projects and attracting investments for PGPIC.
In related news, Egypt Oil&Gas reported in August that Iran’s Petrochemical Commercial Company had signed a memorandum of understanding (MoU) with Indonesia’s state-run oil and natural gas corporation based in Jakarta, Pertamina, on petrochemical cooperation.