TEHRAN, June 19 (Xinhua) -- A major Iranian petrochemical company is in talks with some Japanese and Korean investors for financing Iran's petrochemical projects, Iran's Petro-Energy Information Network (SHANA) reported on Sunday.
The negotiations between Iran's Petrochemical Commercial Company International (PCCI) and some Japanese and Korean investors are aimed to attract an investment of 520 million euros (586 million U.S. dollars) in petrochemical projects in Iran in the form of Usance Letter of Credit, Managing Director of PCCI Isa Mashayekhi told SHANA.
Usance Letter of Credit permits the beneficiary to be paid immediately upon presentation of specified documents or at a future date as established in the sales contract.
Mashayekhi said that his company has initiated talks with the Japanese and Korean investors and Iran's Ministry of Economy and Finance should provide state guarantees to access credit lines from other countries.
PCCI, a subsidiary of Persian Gulf Petrochemical Industries Company (PGPIC), is in charge of holding talks with international companies for financing petrochemical projects and attracting investments for PGPIC projects.