TEHRAN – Iranian National Petrochemical Company (NPC)’s Director for Investment Hossein Alimorad, said Chinese investors’ contribution in the Iranian petrochemical industry has not changed after the U.S. withdrawal from the nuclear deal.

“The sanctions haven’t made the situation any harder, for example, it hasn’t increased the costs of financing” IRNA quoted Alimorad as saying.

According to the official, some investors mistakenly think that the Chinese financing is different from the rest of the world, while this is not the case, and they all require the same licenses and approvals.

Last week, Alimorad announced that NPC has finalized an agreement with a consortium of companies from China and the Philippines for $7 billion worth of investment in Iran’s petrochemical industry.

As reported, the mentioned consortium has registered a representative company in Iran and the last steps are now underway for awarding the agreed project.

“The consortium plans to construct a petrochemical plant to process the entire methanol complementary chain”, Alimorad said.

“The total value of this petrochemical project is $7 billion, of which $2.8 billion is going to be spent in the project’s first phase” he added.

EF/MA