Banks earmark $2.2bn for funding gas refinery project

TEHRAN, Dec. 07 (Shana) – Five Iranian banks have agreed to invest $2.2 billion for completion of Bidboland-2 Gas Refinery project.

The size of the investment is unprecedented and Bank Sepah is leading a consortium of 5 Iranian banks to finance the project, managing director of the bank said.

Iran’s Bidboland-2 gas refinery, Iran’s gas industry, Kamel Taqavi Nejad said the banks Mellat, Tejarat, Industry and Mine, and Parsian are the other banks that help finance the project in the western Lorestan Province.

Accordingly, a $2.2bn agreement has been signed between Persian Gulf Petrochemical Company and the consortium, he said.

Bank Sepah has agreed to invest 800 million dollars in the project and each of the other banks are to supply $350m from the National Development Fund of Iran (NDFI).

Bidboland gas refinery is both located in the southwestern province of Khuzestan.