TEHRAN Jan 28(Shana)--A consortium of three state-run and private Iranian banks will fund $2bn development projects at Damavand Petrochemical Plant.
Mellat, Tejarat and Industry and Mine banks have formed a consortium to financially support petrochemical projects at the plant to boost the country's industry and enhance its outcome. 
Speaking at a press conference, Ali-Ashraf Afkhami, the Chairman of the directors' board and Managing Director of Bank of Industry and Mine (BIM), said the BIM will provide $500mn for the plant's development project.
He said the bank is prepared to invest 240mn euros for development of South Pars phases as well if the National Development Fund of Iran is not tapped for the projects. 
The bank has also supplied 232mn and 233mn euros respectively for development of Lorestan and Mahaban petrochemical plants.
Afkhami added that the bank launched 36 factories during the first nine months of the current Iranian calendar year which started in March, saying that it plans to launch another 22 industrial projects which will generate 6,700 jobs by the end of the year. 
Damavand Petrochemical Plant is a chief provider of utilities (water, electricity, oxygen, nitrogen, steam, natural gas and pressed air) in Iran and plans to expand its activities.
It is fed by the gas supplied from the supergiant South Pars gas field.
By SHANA

 

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