Bank Mellat, Bank Sepah and Parsian Bank have signed a joint contract to finance the completion of two South Pars gas development phases (11 and 24) and the National Gas Pipeline, ILNA reported. Mellat is the major financier allocating $1.5 billion with Sepah putting up $1.5 billion and Parsian $1 billion. The trio will use resources from the National Development Fund of Iran. Ali Rastegar, Mellat’s CEO said the project requires a total of “$30 billion and other lenders have committed to granting $10 billion in the form of loans.” He added that the contract is valid for six years and the projects would be completed within three years.
