Mohammad Kazem Chaghazradi, CEO of Sepah Bank, announced the opening of a $1b credit line for the country’s largest syndicated banking project.
The project is the construction of a second Bidboland refinery in Behbahan, Khuzestan province and is being carried out by Persian Gulf Bidboland Gas Refinement Co. The investment cost for the project has been estimated at $2.2b.
Bidboland second refinery is going to creat many new jobs and have multi-lateral advantages for the region of Behbahan.
“This project will directly and indirectly employ over 8 thousand people in an important part of the country as well as involving around 110 domestic companies.
Furthermore, 56.5 million m3 of natural gas and liquid petroleum gas will be extracted, which will provide natural gas to households, oil products for exportation and will feed the petrochemical industry”, said Mr Chaghazradi, CEO of Sepah Bank.
After the agreement between Sepah Bank and Tejarat, Mellat, Parsian and Sannat va Madan banks for creating a consortium, Sepah Bank took agency for the financing of the project. In the end, $2.2b credit was approved to be paid from the National Development Fund and the line of credit (LOC) was created.
Bidboland Refinement Co. says that this project will prevent the wasting of the natural gas from oil-and-gas wells, attract modern technology in the oil and gas industries, create value, increase exportation and prevent the increase of environmental pollutants.
Sepah Bank has announced that in the last three years, this bank has signed contracts with the National Development Fund valued at more than 10 billion USD.