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The UK’s Export Credits Guarantee Department (ECGD) has completed one of its first deals in Iranin more than 20 years after supporting Snamprogetti Ltd in a £23.4mn petrochemicals project.

Basingstoke-based Snamprogetti has designed, engineered, manufactured and built a carbon monoxide production plant for Fanavaran Petrochemicals (a subsidy of Iran’s state-owned petrochemical company NPC) at the Bandar Imam complex in southern Iran.
The plant will produce carbon monoxide for use in the production of a range of chemicals, plastics, solvents and detergents.

HSBC Investment Bank arranged the £21.2mn ECGD structured finance facility.
International Trade Minister Baroness Symons says: “Iranoffers many opportunities for UKexporters, particularly in the oil and gas sector, and I am pleased to see ECGD playing its part in opening up this market.

“Snamprogetti have shown considerable application and initiative in securing this multi-million pound deal. I am delighted that UKdesign and engineering expertise was at the forefront of this project.”

Giancorrado Stucchi of Snamprogetti adds: “ECGD’s support has been valuable both in securing and carrying out this project. This project has further developed our links both with Fanavaran and with NPC, the Iranian state petrochemical company, and we hope to do more business with them in the future.”

John Richards, senior representative for HSBC in Iran, says: “The resumption of export credit cover for Iranby the UKis an important step which needs to be fully supported by the international banking community.”

ECGD withdrew cover from Iranin 1979 after the Islamic revolution but resumed country cover in October 2000. The first project applications made following that announcement are now coming to fruition.

Snamprogetti Ltd, the UKsubsidiary of Snamprogetti SpA, works worldwide in the oil and gas, refining, chemicals and petrochemicals and sulphur recovery sectors. Its services include studies and consultancy, front-end engineering and design, procurement and construction management, project management consultancy and lump sum turnkey projects.

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