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Efforts Underway to Secure Financial Resources for of Kian Project

Efforts Underway to Secure Financial Resources for of Kian Project
(Saturday, October 21, 2023) 17:17

TEHRAN (NIPNA) -- The CEO of Parsian Oil and Gas Development Company has announced a comprehensive commitment to support the acquisition of financial resources for the advancement and development of the Kian Petrochemical Project from ongoing financiers.

Ismail Ghanbari made this announcement during a visit to inspect the progress and activities in the site's workshops at a meeting of Kian Petrochemical's board of directors.

He emphasized that Parsian Oil and Gas Development Company is committed to supporting the project's progress and development by securing financial resources from the ongoing financiers.

Ghanbari stressed the importance of shareholders' support in resolving Kian's foreign exchange commitments and urged Kian's management team to pursue relevant channels for these matters diligently.

The CEO of Parsian Oil and Gas Development Company continued, "To overcome the hurdles posed by foreign exchange commitments and to provide the necessary financial resources, Parsian is engaged in negotiations with other shareholders to coordinate and provide comprehensive assistance to Kian. We are committed to addressing these matters earnestly."

He emphasized the importance of adhering to the scheduled timeline for managing current affairs by Kian's management team and continuous follow-up to secure and allocate the required financial resources for the payment of confirmed invoices by the main shareholders (Parsian and Petrofarhang).

Ghanbari also highlighted the need for the organization to hold planning and management meetings with OIEC Company to outline the ongoing work plan and to process orders for registered goods, stating, "Continuous follow-up and communication of results to shareholders are essential."

The CEO of Parsian Oil and Gas Development Company added that Parsian is dedicated to the customs clearance of goods currently in the Kian Petrochemical project.

Abdullah Yavari, a member of Kian Petrochemical's board of directors and CEO, pointed out the most significant obstacles to the project's progress, which include legal and judicial issues concerning the bank's foreign exchange commitments, customs clearance of goods, and financial and credit resource acquisition to complete the Kian project.

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