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Iran Oil Ministry denies that Chinese investors have cancelled financing Iranian petrochemical projects

Wednesday, October 23, 2013 - 13:37

The Oil Ministry of Iran has rejected some news published by domestic media that Chinese investors have cancelled financing $20 billion worth of petrochemical projects in Iran, the Shan News Agency reported.

Chinese investors have generally agreed to invest in Iran's petrochemical sector and there is no problem in this regard, the report said.

On Monday, the Mehr News Agency reported that Chinese investors have not met their obligations to invest $20 billion in Iran's petrochemical projects.

Iran and China had reached an agreement two years ago, based on which Chinese investors pledged to finance a number of petrochemical projects in Iran, but they have not met their obligations since then, according to Mehr.

In March 2012, ex-Iranian oil minister Rostam Qasemi announced that Chinese investors have agreed to open a line of credit to finance 20 petrochemical projects in Iran. But, the projects have remained shelved due to lack of finance from the Chinese.

Qasemi said investment in Iran's petrochemical industry is profitable. There are profitable investment opportunities in Iran, but the petrochemical sector is certainly the most advantageous of all, he added.

China's crude oil imports from Iran were about 384,980 barrels per day in June, down 39 percent versus the same month a year ago, and down 31 percent from May, Chinese customs data shows.

For the first six months of the year, Chinese imports of Iranian crude were about 424,183 bpd, down 1.9 percent versus the same year-ago period, the data showed.

China, the world's second biggest oil consumer, bought 2.36 million tons of Iranian crude in May, equivalent to about 555,557 bpd, according to the GAC data. That was up 49.5 percent from the 371,500 bpd of Iranian crude that China imported in April, the data showed.

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