Two petrochemical companies receive €60 million in financing from Mubadala Center

According to Energy Press, from the Iranian Currency and Gold Exchange Center, the underwriting of foreign currency murabaha bonds of two petrochemical companies, Soroush Mahestan Assaluyeh and Negin Mahestan Kangan, each worth 30 million euros, was successfully completed at the Iranian Currency and Gold Exchange Center; these bonds were issued with the aim of financing polyethylene production projects and, with the welcome of economic activists, the resources required to complete these projects were fully provided.
The underwriting of foreign currency murabaha bonds of these two petrochemical companies attracted a total of 60 million euros in capital. These two foreign currency bonds were issued with the agency, guarantee and underwriting commitment of Bank Mellat and their interest rate has been set at 6% per annum. The interest on the bonds will be deposited annually and over three years into the foreign currency accounts of the bondholders.
The projects of Soroush Mahestan and Negin Mahestan Petrochemical Companies, which are “heavy polyethylene production” and “linear heavy and light polyethylene production”, have reached 87 and 85 percent physical progress, respectively, and will soon be put into operation with a financing of 30 million euros for each. It should be noted that with the completion of these two projects, 600 thousand tons of polyethylene will be produced per year, and if the companies operate at full capacity, the foreign exchange value of this amount of chemical production will be equivalent to 660 million euros.