Banking sanctions on Iran's petrochemical exports nulled

TEHRAN, Jan. 02 (MNA) – Banking sanctions on petrochemical exports to Europe were officially lifted with the signing of the first contract with a Spanish bank, said IPCC executive director.

Executive Director of Iranian Petrochemical Commercial Company (IPCC) Mehdi Sharifi Niknafs said IPCC’s account was activated in European banks for the first time in five years; “accordingly, the commercial contract between IPCC and the association of Spanish manufacturers was finalized," he asserted.

Niknafas went on to state that a financing agreement with Spanish banks approved by manufacturers and buyers of petrochemical products was required in order to obtain the necessary bank guarantees; “accordingly, by conducting talks with a European bank, we managed to ink the Escrow Account Agreement despite international restrictions.”

“On the basis of the reached agreements and receiving of official approvals the government and central bank of Spain, the limitations of receiving of money as well as export of products from various world countries were practically removed,” underlined the official stressing “due to withdrawal of restrictions on the sale of petrochemical products from the list of international sanctions during the preliminary agreement between Iran and 5+1 in Geneva, IPCC will proceed along the planned route from the sale of petrochemical products.”

“Moreover, the cash for the first shipment which belonged to the time before the international sanctions was received by IPCC from a European bank after about five years,” Niknafas concluded.

 

HA/3014811

 

News Code 113278

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