Iran's Petrochemical Commercial Company International (PCCI) is holding discussions with investors from Japan and South Korea for investing €520 million ($591.01 million) in petrochemical projects in the country, said a report.

The investments will be made in the form of usance letter of credits (L/Cs).

PCCI has initiated talks with Japanese and South Korean investors to finance petrochemical projects in the Islamic Republic, Isa Mashayekhi, managing director of PCCI, was quoted as saying in an Iran Daily News report.

He said Iran's Ministry of Economy should provide state guarantees with the supervision of the Central Bank of Iran for PGPIC to access credit from countries such as Japan and South Korea.

He said a South Korean credit line valued at €13 billion ($14.7 billion) is available for Iran while a €10 billion ($11.37 billion) Japanese credit line will be accessible in August 2017, added the report.