Isfahan Oil Refinery Development Projects Gain Momentum

To expedite development plans at the Isfahan Oil Refining Company in the central Isfahan Province, Bank Melli Iran, the biggest state-owned lender, has signed a contract with the company to fund a part of ongoing projects, the managing director of the company said.
“As per the deal, the state-owned bank is committed to grant a $600-million loan to the refinery, of which $200 million have already been paid and the rest will be paid by March 2023,” Mohsen Qadiri was also quoted as saying by the Oil Ministry’s news agency.
The agreement was signed by Qadiri and Mohammad Reza Farzin, the CEO of Bank Melli Iran, in Tehran on Sunday and the bank will charge an interest rate of 18% on the loan.