TEHRAN – National Petrochemical Company (NPC) has reached agreement with five domestic banks for receiving $23.5 billion worth of bank facilities, an official with the company said here on Monday.

The Mehr News Agency quoted Ramezan Oladi as saying that, “The amount will be used for construction plan of 35 petrochemical projects.”
“An agreement worth $6 billion for financing 21 projects is being finalized with Bank Melli Iran, while Bank Mellat will allocate $4 billion for construction plan of Damavand Petrochemical Complex,” Ramezani explained.
“Bank Pasargad will also allot $2 billion to four projects and Bank Saderat of Iran will allocate $3.5 billion for another four projects,” he added.
According to the official, Bank Sepah will finance two petrochemical projects worth $2 billion, while Sepehr Energy Corporation, an affiliated company of Bank Saderat of Iran, will allocate $7 billion to three other projects.