Process of Issuing Agreement in Principle

Issuing agreement in principle

Approval process and entrusting petrochemical projects to investors


First step: documents required

·         A copy of the original document of the company constitution

·         A copy of the original: From first and last official newspapers displaying company changes

·         A copy of the original: From registration documents, including registration certificate, national ID and economic code

·         2 recent years financial statements approved by the regulators or audit organization

·         Applicants, executive background in the past two years and any activities related to the requested projects

·         Preliminary Business Plan /Feasibility Study

·         Finance Package plan


Second step: Documents Evaluation

·         Verification of the applicant company's legal capacity and ...

·         Evaluation of Preliminary Business Plan /Feasibility Study

·         Investigating Feedstock availability

·         Evidence of financial capability

·         Evidence of technical and administrative capabilities of the applicant company

·         Making enquiry from the relevant ministries and agencies


Third step: Issuing agreement in principle

·         Necessary correspondence with other entities including the Ministry of petroleum, Ministry of Industry, Mine and Trade

·         Bringing up the project report (financial/ technical capability of Investor) at the NPC Board of Directors and obtaining the necessary approvals

·         Issuing primary agreement of the project to planning deputy of Ministry of Petroleum.

·         Issuing agreement in principle of the project by planning deputy of Ministry of Petroleum with specified time validity