Iran’ deputy oil minister, Abbas Sheri-Moqaddam said Monday China has approved to finance five petrochemical projects, IRAN Daily reported. The projects will be implemented once the Central Bank of Iran approves them, Tasnim News Agency reported. He noted that the petrochemical plants of Kavian II, Lorestan, Mahabad, Takht-e Jamshid and Marvdasht will go on stream by March 2015. Last week, Sheri-Moqaddam, who is also the head of National Petrochemical Company (NPC), said China has opened a two-billion-euro credit line for the petrochemical projects. “China is to invest €10bn in these projects,” he said, adding that so far projects worth €2bn have been finalized. The NPC chief noted that China faces obstacles in guaranteeing Iranian petrochemical projects. Sheri-Moqaddam said Iran’s annual petrochemical production will reach 180 million tons, once new projects become operational. He said Iran’s petrochemical plants are producing 40 million tons of petrochemicals per year, below their 60-million-ton production capacity.
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