PCC opens bureau in London

News ID: 4026696 -
TEHRAN, Jul. 10 (MNA) – Petrochemical Commercial Company (PCC) head said his company has opened a branch in London to follow up on financing issues and LOCs for petchem projects.

Petrochemical Commercial Company (PCC) Managing Director Mehdi Sharifi Niknafas pointed to establishment of a PCC office in capital of England in a bid to purse issues related to finance and Lines of Credit (LOCs) from European banks.

“An team of experts have launched talks in the London office for reopening of credit lines and finances,” noted the official asserting “using new credit lines of investment funds remains as a top priority for supplying financial resources of ongoing projects in the petrochemical industry.”

Niknafas stated that one financial contract has been so far inked with Spain; “presently, accounts of Petrochemical Commercial Company in European banks have been reopened providing the possibility for currency transfer,” he continued.

PCC managing director said several talks had kicked off with a number for European firms over financing and supply of equipment. He estimated that one or two new MoUs will be soon signed with credible European firms.

On release of frozen assets of a number of petrochemical companies in South Korea, Niknafas said all blocked properties, which amounted to nearly three million dollars, have been released and petrochemical complexes of Iran have no blocked or seized money in the East Asian country.

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