Chinese-Filipino consortium to invest $7bn in Iran

MNA – Iran has reached an agreement with a consortium of Chinese and Filipino firms under which the consortium will invest up to $7 billion in a project related to the country’s petrochemical industry.

Investment Director of National Petrochemical Company, Hossein Alimorad, told reporters on Monday that a consortium of Chinese and Filipino firms is serious about making investments in Iran, and has registered its own firms in the country. He added that the final measures to transfer the project to the Asian consorium is currently taking place.

According to Alimorad, the consortium is keen on putting the project into effect as fast as possible, adding that the site for building the complex has already been determined.

“The Chinese company is planning to build the whole methanol production chain,” he added.

The company has been registered in Iran. The total construction costs for this petrochemical project amounts to $7 billion, $2.8 billion of which will go into building the first phase of the project.