Consortium of Iranian Banks to Invest $2.2 bn for Development of Bidboland Gas Refinery

Five Iranian banks will pump in $2.2 billion for completion of Bidboland-2 gas refinery project, State owned Shana News reported Monday.

Bank Sepah is leading a consortium of five Iranian banks to finance the project, managing director of the bank said.

Kamel Taqavi Nejad said Mellat, Tejarat, Industry and Mine, and Parsian banks are the other banks that would finance the project. An agreement has been signed between Persian Gulf Petrochemical Company and the consortium.

Bank Sepah has agreed to invest $800 million dollars while the other four banks would invest $350 million from the National Development Fund of Iran (NDFI).

Bidboland gas refinery is both located in the southwestern province of Khuzestan. It is projected to produce refined gas, ethane, propane, butane, and condensate, and will provide feedstock for a number of petrochemical units in the region.