Middle East

Chinese investing more into Iranian petrochem sector

Dubai: China plans to allocate a sum of approximately EUR2bn to invest in Iran's southern port city of Bushehr to help complete the construction of a petrochemical complex. The news follows on from last month’s announcement that Chinese firms will invest EUR470m in the construction of Lordegan Petrochemical Complex in southwestern Iran.

According to local media in Iran, up to $8bn is likely to be invested by the Chinese in Iranian petrochemical projects in the coming years.

China has become Iran’s most important oil client. China is likely to import about the same volume of Iranian oil in June as it did in the first five months of the year, when it took on average of around 620,000 bpd compared with pre-sanctions volumes of around 550,000 bpd.  [12/06/14]

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