Several major contracts awarded last year in the sector have still to secure financing. The $934 million EPC package on the olefins 11 cracker is at the engineering stage, but is unlikely to move to procurement until financing can be arranged. The crisis over Iran’s nuclear programme, as well as existing high exposure in the country, has put a brake on foreign lending to local projects. The new management team at NPC is understood to be pushing to wrap up outstanding contracts before moving on to tendering its next raft of projects (MEED 18:11:05).