The Japan Bank for International Co-operation (JBIC) has signed another export credit agreement with National Petrochemical Company (NPC). The latest, in the form of a buyer credit, is for $154 million and will finance the export of equipment and services for the 300,000 tonne-a-year (t/y) high-density polyethylene (HDPE) plant at Ilam in western Iran. Co-financing will be provided by HSBCand ING Bank. (MEED 23:4:04).
Japan's Mitsui Engineering & Shipbuilding Company (MESC)was appointed in April as the engineering, procurement and construction (EPC) contractor for the Ilam HDPE project. MESC is working in partnership with the local Energy Industries Engineering & Design (EIED), the engineering arm of the local Oil Industries Engineering Company. JBIC signed in April its first export credit facility with NPC, extending $192 million to finance the second ammonia urea project at Bandar Assaluyeh. A consortium of Japanese firms Toyo Corporationand Chiyoda Corporationwith the local Petrochemical Industries Design & Engineering Company (Pidec)was awarded the $240 million EPC in March. The two export credit facilities are the first to be provided by JBIC without guarantee from the Iranian government.
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