Iran petchem industry ‘unsanctionable’

TEHRAN, May 03 (MNA) – Iran’s Deputy Oil Minister for Petrochemical Affairs Behzad Mohammadi said that Iranian petrochemical industry is ‘unsanctionable’

He made the remarks on Fri. on the sidelines of his visit to the 24h Iran International Oil, Gas, Refining and Petrochemical Exhibition dubbed ‘Iran Oil Show 2019’.

“We have to prepare ourselves for [dealing with] the issue of sanctions. However, unlike Iran’s oil sector, the country’s petrochemical industry is unsanctionable,” Mohammadi reiterated.

The wide diversity of petrochemical products and high international demand for them make the nature of the industry unsanctionable, he added.

A Working Group has been set up in the National Petrochemical Company, with the assistance of domestic holdings, to manage the potential risks to be posed by US unilateral sanctions, he noted.

Production of petrochemical products will grow up by 70 percent until 2021, he said, adding, “production capacity of this industry and also revenues of the country in this sector will experience a 46 percent growth by 2021.”

CEO of the National Petrochemical Company (NPC) put the annual production volume of petrochemicals in the country at 55 million tons, adding, “some part of this product is produced inside the country while the another part in the three fields of polymer, chemical and nonchemical is exported.

The 24th Iran International Oil, Gas and Petrochemical Exhibition started on Wednesday May 1 and will continue until May 4.

MA/4606930

News Code 144795

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