TEHRAN – Japan’s integrated trading and investment business conglomerate, Marubeni, has signed a €320 million short-term (usance) agreement on financing petrochemical projects in Iran, IRNA reported on Sunday.

The agreement was signed between Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) and Japan’s Marubeni insured by Japanese NEXI Nippon Export and Investment Insurance.

No further details have been released on the agreement.

Another contract with the same value and increasable to €640 million is being finalized and will be formally signed in the near future between the two sides, the report added.

Iran now has a production capacity of 60 million tons of petrochemical products per year and plans to increase the figure to 120 million tons by 2026.

EF/MA/MG