Energy
0

NDFI Loan to Give Impetus to Star Refinery Completion

NDFI Loan to Give Impetus to  Star Refinery Completion  NDFI Loan to Give Impetus to  Star Refinery Completion

In line with efforts to complete the construction of Iran's largest oil refinery in the southern city of Bandar Abbas, Hormozgan Province, the venture will receive fresh impetus as $120 million are expected to be injected into the project by the end of March.
Ali Dadvar, managing director of Persian Gulf Star Refinery, noted that the government has approved a loan worth €260 million ($311 million) from the sovereign wealth fund, the National Development Fund of Iran, to complete the remaining phases of the refinery, Mehr News Agency reported on Friday.
"The refinery will receive $50 million of the allocated fund in the next few days and the rest will be obtained in less than a month," he added.
According to the official, developers of the plan are not interested in asking for more loans, that is why they have decided to cover a proportion of the costs by selling the plant's products.
 

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com