Bank Tejarat and the Iranian Gas Transmission Company have signed a memorandum of understanding to upgrade bilateral cooperation. Bank Tejarat agreed on Monday to open letters of credit and provide further banking services to the gas company, IRNA reported on Monday. The bank has boosted cooperation with gas companies in recent years, especially with IGTC. Mohammad Ali Emam, managing director of the company, said his firm needs fresh sources of financing to be able to exploit more gas from Persian Gulf gas fields, which are jointly used by Iran’s neighboring country Qatar. He is hoping Bank Tejarat could help IGTC increase its output.
