Bank Shahr’s readiness to invest one billion dollars in petrochemical projects in the Persian Gulf
Ali Askari: We have defined more than 50 downstream projects
According to financial news, Ali Askari, the CEO of the Persian Gulf Petrochemical Industries Group, announced the definition of more than 50 downstream projects in this group, including the downstream methanol park, to the foreign exchange capacities of Shahr Bank and its leadership in creating and using modern financial tools and Banking mentioned and emphasized on the development of cooperation with this bank.
According to the public relations report of the Persian Gulf Petrochemical Industries Group, the ceremony of concluding a bilateral memorandum of understanding between the Persian Gulf Petrochemical Industries Group and Shahr Bank to provide the financial resources needed to advance the projects under construction and downstream projects with the presence of Dr. Ali Askari and Dr. Seyed Mohammad Mehdi Ahmadi and Senior managers of two collections were held in Persian Gulf Holding.
This memorandum is about providing financial and banking services, granting Riyal and foreign currency facilities in the form of Islamic contracts, opening internal and external letters of credit for the benefit of manufacturers, suppliers of machinery, equipment, parts, facilities, installation and construction and contractors of the holding contract and Subsidiary companies that are introduced to the bank by the holding company, issuance of various guarantees, credit lines of foreign finance, national development fund, productive credit certificates (GAM) and issuance of bonds through the capital market, financing of downstream projects of the holding company and subsidiaries up to the ceiling The amount of 50 thousand billion Rials and the amount of 20 million dollars from the bank’s sources, according to the turnover and average of the accounts of the holding company and its subsidiaries, were signed by Ali Askari and Ahmadi.
In this meeting, the Vice President of Finance and Investment of the Persian Gulf Petrochemical Industry Group, referring to the good relationship of the country’s largest petrochemical holding with the banking system, said: In the new management period of this group, the effort is to use all the capacities and talents of the banking system.
Hossein Panahian announced the priority of the Persian Gulf Petrochemical Industries Group to finance the defined and ongoing projects of the group, as well as the new projects of this holding, especially in the downstream sector through the capital market and the banking system, and said: by establishing a relationship between Shahr Bank and petrol, we are looking for the financing of downstream industries with the help of this bank, considering the many capacities that exist in the Persian Gulf Holding, there is no room for any bank and we hope to create the largest two-way interest in the banking system.
In the continuation of the meeting, the CEO of Bank Shahr expressed his gratitude to Dr. Ali Askari, and said: Bank Shahr has played an important role in the discussion of urban project finance and the development of urban management infrastructure in all parts of the country, and on the other hand, with its strong foreign exchange network, it has been able to obtain funds Easily absorb oil and petrochemical sales and supply them in the Nima system.
Referring to the 49% role of Shahr Bank in the management of the country’s foreign exchange operations, Ahmadi announced his readiness to provide the capacities of this network to the Persian Gulf Petrochemical Industries Group.
He stated that we are using all our strength to be able to finance and provide financial services to Persian Gulf Holding in an efficient manner. Be with the Persian Gulf Petrochemical Industries Group and our new banking tools, including Gam bonds and the remaining capacity of 16 thousand billion tomans of these bonds and electronic promissory notes, will be at the disposal of this large petrochemical group to manage the group’s resources in interaction with EPCs, and also be able to fulfill The role of the guarantor in the issuance of bonds, the welfare of the group’s personnel, especially in the field of housing, the provision of foreign currency credits for the group’s companies, as well as the agency of Yozans, and the attraction of resources from some foreign banks, for which initial negotiations have also been carried out.
He pointed out: In addition to concluding this memorandum to show our interest and willingness to cooperate with the Persian Gulf Petrochemical Industries Group, we are ready to finance and invest one billion dollars in the projects of this group through investment, legal partnership, foreign exchange facilities, and bonds. And we are the guarantor in the capital market.
In this meeting, Ali Askari called the CEO of Shahr Bank a successful example of an efficient young manager in the country’s banking system and said: The creation of new financial tools in the banking system and the effective role of this bank in managing the country’s foreign exchange operations during the sanctions are proof of this claim.
CEO of Persian Gulf Petrochemical Industries Group stated: We want to work with Shahr Bank and this is our definite policy.
He went on to describe the capacities available in the Persian Gulf Petrochemical Industries Group for the role of Shahr Bank in the position of financing and investment, including upstream projects in the development of oil and gas fields and 20 projects in progress by the group, including the two megaprojects of Almas and Hormuz.
Ali Askari further added: In addition to these projects, the development of downstream industries is our strategy in the Persian Gulf Petrochemical Industries Group, and we seriously believe that the development of downstream industries plays an important role in the economic development of the Islamic Republic of Iran, and in addition to creating high added value and They are quick to create significant jobs.
He stated: We defined more than 50 mainly downstream projects in the Persian Gulf Petrochemical Industries Group in recent months, and I believe that these projects are a very suitable field for cooperation with Shahr Bank.
Ali Askari pointed out: the definition of these projects, including the downstream methanol park, will greatly help to increase the profitability of the petrochemical industry and create jobs, and if Shahr Bank plays a serious role in interacting with petrol in these projects and solving some existing challenges, this bank can have an effect. To leave a lasting memory in the field of downstream industries in the petrochemical industry.