Following the three-billion-dollar financing contract with China’s Sinopec for development, renovation and optimization of Azadan refinery complex, the East Asian country is reopening Lines of Credit (LOCs) and finances to the Iranian petrochemical industries.
In other words, following the signing of a cooperation agreement with CNPC in South Pars Phase 11, Chinese companies have become further determined to bolster cooperation in Iran’s oil refinery and petrochemical sectors.
Accordingly, Chinese firms have opened a new LOC worth 2.518 billion dollars for a new methanol complex in Iran.
Managing Director at Genaveh Dashtestan Petrochemical Hamed Najmzadeh pointed to opening a credit line for financing Sabalan petrochemical complex by the Chinese saying “the methanol production unit is presently 50% through.”
The official, while emphasizing that the project aims at an annual methanol production of 1.65 million tons, underlined “given the reopening of Chinese LOC, the plant is expected to come on stream within two years.”
In the meantime, talks have also begun with PetroChina Company Limited for licensing and supplying technical knowledge for an acrylonitrile production plant.
A petrochemical official said draft of cooperation agreement with PetroChina was ready and final negotiations were underway asserting “executive phase of the petrochemical project will become operational as soon as a final contract is signed for purchasing license and technical knowledge from the Chinese side.”