Iran’s petrochemical industry ‘unsanctionable’

TEHRAN, Aug. 15 (MNA) – CEO of National Petrochemical Company (NPC) Reza Norouzzadeh said that petrochemical industry of the country is ‘unsanctionable’ and petrochemicals in the country will be exported to the global markets according to the scheduled program.

Sanctions will have no significant effect in petrochemical industry of the country, he said, adding, “however, petrochemical industry should be prepared with high technical knowhow and knowledge in order to minimize its vulnerability from sanctions.”

Following the US unilateral withdrawal from the Joint Comprehensive Plan of Action (JCPOA), any significant export change will not occur in Iran’s petrochemical industry, he reiterated.

He put the total value of petrochemicals exported from the country in the past year (ended March 20, 2018) at $12 billion.

Statistics in the first four months of the current Iranian calendar year (March 21-July 21) show that Iran’s export of petrochemicals has increased as much as 15 percent as compared to the same period of last year, he said, adding, “currently, we are not concerned about any restriction in export of petrochemicals, because, European countries are major customers for Iranian petrochemical products.”

The deputy oil minister pointed out that any supply and demand of petrochemicals is clear in the global market and said, “since production and consumption of petrochemicals is clear in the world, Iran’s petrochemical industry cannot be ignored in this market.”

Replacing Iran’s petrochemical products in the global market will require making huge investment for a period of 4 to 5 years, he said, adding, “removal of Iran from world’s petrochemical market is not feasible and will cost dearly.”

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News Code 136778

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