Iran to tap local banks for petrochemical projects

Bloomberg: Iran’s National Petrochemical Co. plans to borrow from local banks some of the $50 billion it needs to develop 60 projects by the end of 2015, the Oil Ministry’s news website Shana reported. Bloomberg

By Ladane Nasseri

Iran’s National Petrochemical Co. plans to borrow from local banks some of the $50 billion it needs to develop 60 projects by the end of 2015, the Oil Ministry’s news website Shana reported.

The state-run company seeks to broaden its output to 85 products from the current 25 and wants to build production hubs in the northeastern city of Sarakhs, the port of Chabahar, and the Persian Gulf islands of Lavan, Qeshm and Kish, Managing Director Abdolhossein Bayat said in the report today.

Iran is trying to expand petrochemicals-making capacity to 51 million metric tons a year in 2015. State media last year said output was about 4 million tons. Iran, the second-largest oil producer in the Organization of Petroleum Exporting Countries, faces economic sanctions over its nuclear program.