Volume. 11909

Sanctions on 14 Iranian petrochemical companies to be eased
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c_330_235_16777215_0___images_stories_edim_mg1(8).jpgTEHRAN – Sanctions imposed by the U.S. Treasury Department against fourteen Iranian petrochemical companies will be eased in the near future, IRNA reported on Monday.
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) will soon exclude Bandar Imam Petrochemical Co., Bou Ali Sina Petrochemical Co., Mobin Petrochemical Co., Nouri Mobin Petrochemical Co., Pars Mobin Petrochemical Co., Tondgouyan Mobin Petrochemical Co., Shazand Mobin Petrochemical Co., Tabriz Mobin Petrochemical Co., Jam Mobin Petrochemical Co., Qaed Basir Mobin Petrochemical Co., Arya Sasol Mobin Petrochemical Co., and Marjan Mobin Petrochemical Co. from its sanction list.
In an interview with The Wall Street Journal last week, Mohammad-Hossein Peyvandi, deputy head of Iran's state-controlled National Petrochemical Co., said ending a ban on selling petrochemical technologies to Iran would "have an impact on European countries.
"Historically, we have relied more on the European market for technologies," he said, citing Italy, France and Germany as potential beneficiaries.
Mr. Peyvandi said Iran's petrochemical sector will spend $70 billion in the next 10 years, though he said the plans are partly contingent on sanctions being lifted.
As a result, he said, Iran's petrochemicals sector could generate an annual $50 billion in revenues by the next decade, up from $21 billion in the last Persian year ended March 2013, he said.
NITC sanctions suspended 
Meanwhile, the National Iranian Tanker Company (NITC) has got permission to ship oil to some Asian countries as sanctions were eased, IRNA reported, citing the company’s Managing Director Ali Akbar Safaei.
Tankers belonging to the company may export crude to China, India, Turkey, Japan, South Korea and Taiwan after sanctions against insuring the country’s vessels were suspended Jan. 20.
Iran agreed with world powers including the U.S., UK, France, Russia, China and Germany to limit its nuclear program in return for an easing of some sanctions on oil, auto parts, gold and precious metals in a Nov. 24 agreement signed in Geneva.
Iran is preparing for a second round of nuclear talks scheduled for next month as it seeks a further easing of sanctions that caused crude exports last year to drop to their lowest since 1990, according to data compiled by Bloomberg. 
Crude export volumes to the Asian countries covered under the agreement won’t change, IRNA said, citing Safaei. The countries are allowed to import limited volumes of Iranian crude under a sanctions waiver agreement with the U.S.
Sanctions have only been suspended on tankers belonging to the National Iranian Tanker Co. and the National Iranian Oil Co. and not to other commercial and private entities listed by the U.S. treasury department, IRNA said.
The November agreement also gives Tehran access to $4.2 billion of frozen oil revenues and eases sanctions on petrochemical exports.

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Last Updated on 27 January 2014 16:49