27 August 2017 - 15:05
  • News Code: 278320
SRIC Eyes Portion of $8b Credit-line by S. Korea Exim Bank

TEHRAN, Aug. 27 (Shana) – The managing director of Siraf Refineries Infrastructure Company (SRIC) said Siraf Refinery Project has been given priority in the list of eligible projects that will receive a portion of an $8-billion credit line by South Korea's Export-Import Bank.

Iran has secured an €8-billion credit line from South Korea's Eximbank, the Islamic republic's biggest loan deal since its 2015 nuclear accord, the Iranian central bank announced Thursday.

Alireza Sadiqabadi, the managing director of Siraf Refineries Infrastructure Company, said the project will enjoy a share of the credit line as soon as it is enforced.

He said the line will be allocated to Korean investors keen on investing in Iran.

"Iran's oil projects are undoubtedly luring for Korean investors," he added.

Siraf refinery project is one of the top priorities of Iran's refining industry, Sadiqabadi added, saying other refinery projects including Isfahan Refinery and South Pars Phase 12 Ethan Recovery projects are also considered as priorities in receiving the credit line.

"The biggest contract since the atomic accord was signed with South Korea's Eximbank today for the amount of €8 billion (RM40.39 billion)," said central bank governor Valiollah Seif, in a statement carried by state news agency Irna.

A spokesman for South Korea's export credit bank, contacted by AFP, said the deal would finance projects in Iran by companies from the Asian country.

"We started signing with Iranian banks a framework agreement today. We did it with three Iranian banks today and will do so with nine other Iran banks in the coming week to complete the agreement," he said.

Siraf Refining Park has been designed with the aim of preventing trade of crude gas condensate, generating value added, creating jobs and ensuring maximum production at the supergiant South Pars gas field.

The project includes eight gas condensate refineries, each with a capacity of 60,000 barrels per day, which will be constructed at Pars Special Economic Energy Zone 2 (PSEEZ II/Kangan) between Phases 13 and 19 of South Pars in an area of approximately 300 hectares.

The project’s wherewithal is provided by Pasargad Energy Development Company, Tappico, Siraf Green Star Refinery Company, Tanavob, Namvaran Consulting Engineers, Consortium of Sazeh and Nargan, Farhangian Investment Company and Energy Amin Kasra Company.

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News Code 278320

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