China to invest one billion dollars into Iranian petrochemical industry

The national petrochemical company of Iran and a consortium of Chinese companies are negotiating $1 billion of investment into Iran's petrochemical industry, Trend reports, citing Iranian news agency MEHR.

The national petrochemical company of Iran is also negotiating with Turkish Pektim company and Yurukum company of Singapore about the  construction of two methanol blocks at the oil chemistry plant in Hormuz. There are also negotiations with a company from Oman concerning the construction of urea and ammonia blocks in the plant.

They are also discussing the construction of urea and ammonia blocks at a petrochemical plant in Khagam with an Indonesian company, construction of a methanol block in Viviran with a company from Venezuela, as well as the construction of facilities in Bushehr with Russia.
Iran is planning to upgrade and develop 61 petrochemical projects. Realization of the projects will allow Iran to produce 100 million tons of petrochemical products annually.

The country needs $43 billion of investment to construct and develop 28 petrochemical projects.
The national petrochemical company of Iran signed a deal with the Bank of Export Development to receive $1 billion and the National Bank of Iran for $2 billion. The National Bank plans to release bonds worth $10 million.