3 Banks to Invest in Petrochem Projects

3 Banks to Invest in Petrochem Projects3 Banks to Invest in Petrochem Projects

Through a consortium, Mellat Bank, Tejarat Bank, and Bank of Industry and Mine (BIM) will cooperate to provide the required finances for Damavand petrochemical project, Shana reported.

The consortium is all but finalized, BIM’s managing director said, adding that BIM will undertake $500 million of the total $2 billion investment required for the project. “BMI intends to increase investment in the domestic petrochemical industry,” Ashraf Afkhami said Tuesday.

BIM has invested 240 million euros ($270.7 million) in five methanol projects in Assalouyeh. Moreover, it has provided 232 and 233 million euros for completion of Lorestan and Mahabad petrochemical projects, respectively.

On the recently-opened Chinese line of credit for petrochemical projects, Afkhami said the credit line, anticipated since last summer, will be utilized to develop Masjed Soleiman and some other semi-finished projects.

According to the bank’s website, BIM is a state-owned specialized bank located in Tehran. Its main aim is to contribute to economic growth through financing development industrial and mining development projects.