$1.2b Turkish Finance for Iran Petrochem Project

Turkey's Gamma Company, a leading firm active in the energy sector, has signed a memorandum of understanding with Khuzestan Governorate on the production of petrochemicals, including polypropylene, in the city of Izeh.
The agreement, worth $1.2 billion, was signed by Gamma's representative, Dondarf Koncal, and Gholamreza Shariati, the governor general of Khuzestan Province, on Monday in Izeh, IRNA reported.
Some $1.05 billion of the project will be financed by an unnamed German-Turkish company.
Describing the prospective petrochemical plant in Izeh as a major lucrative project, Koncal expressed hope that the company would succeed in implementing the project.