The credit is to finance a carbon monoxide plant awarded by National Petrochemical Company, Tehran to Snamprogetti Limited of the United Kingdom. Carbon monoxide is used in the chemical industry as a synthesiser in the production of chemicals such as methanol, hydrogen and acetic acid and as a building block in the production of a range of plasticisers, solvents and detergents.
This is the first loan between a bank and an Iranian borrower directly guaranteed by ECGD to be signed since the resumption of ECGD medium term cover for the Iranian market.
Mr John Richards, Senior Representative for HSBC in Iran, said "The resumption of export credit cover for Iran by the UK is an important step which needs to be fully supported by the international banking community. The HSBC Group's long association with Iran and international presence puts us in a strong position to partner companies around the world in strengthening their business interests with Iran, which in our view offers considerable potential in the medium to long term."
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HSBC signs ECGD loan to Iran
- United Arab Emirates: Wednesday, March 06 - 2002 at 10:20
- PRESS RELEASE
HSBC Investment Bank plc has signed an export credit loan facility guaranteed by the Export Credits Guarantee Department ('ECGD') of the UK, to the value of USD33.6 million with Bank Tejarat, Iran.
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Notes and media contacts
Enquiries to:Steve Martin
Regional Manager Public Affairs
Tel. 00971 4 5077465
John Richards
HSBC Iran Representative
Tel. 009821 2040467
HSBC Bank Middle East
HSBC Bank Middle East is the largest and most widely represented international bank in the Middle East with 31 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Jordan, Lebanon, and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain. This extensive regional coverage is strengthened by another member of the HSBC Group HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank and British Arab Commercial Bank Limited. In addition to its Middle Eastern network, the Bank has a branch in London, UK and a representative office in Tehran, Iran.
HSBC Holdings plc
HSBC Bank Middle East is a principal member of the HSBC Group which, with some 7,000 offices in 81countries and territories and assets of US$696 billion as at 31 December 2001, is one of the world's largest banking and financial services organisations.
Posted by Anne-Birte Stensgaard, News EditorWednesday, March 06 - 2002 at 10:20 UAE local time (GMT+4)
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This article was updated on Mon Jun 14 2004.
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