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HSBC signs $108 mln export credit
with Iran's NPC
The credit facility, the third signed between HSBC and NPC in the last year, is guaranteed by the UK's Export Credits Guarantee Department. Reinsurance for part of the facility was obtained from the Italian export credit agency SACE, HSBC said in a statement. "The completion of this sizeable transaction represents an important step in HSBC's progressive engagement with Iran in general, and NPC in particular," Nasser Homapour, HSBC's senior representative in Iran, was quoted as saying. Washington describes Iran as one of three states forming an "axis of evil", and bans U.S. companies from doing business there. But the Islamic Republic has succeeded in attracting billions of dollars in foreign investment in recent years, particularly into its oil and gas sectors. Last year it carried out its first forays into the international bond market since the 1979 revolution, selling around $1 billion worth of Eurobonds in two separate issues. The second-largest producer in OPEC, Iran also has the world's second-largest reserves of gas, which is the main feedstock for the petrochemical industry. "The funds will be used to finance the export of equipment and services for the construction of a 600,000 tonnes per year styrene monomer plant at Bandar Assaluyeh, in Iran," HSBC said. "This plant is part of the ninth olefins project being constructed at total cost of $1.2 billion."
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