PGPIC petchem exports not affected by U.S. sanctions: director

May 12, 2019 - 19:13

TEHRAN – The managing director of Iran’s Persian Gulf Petrochemical Industries Trade Company (PGPIC) said the U.S. sanction haven’t had any effect on the petrochemical exports by this company.

“Our customers’ willingness for signing long-term contracts with us is an indication of our capability for sustainable supply to the market, and also their interest in importing from us despite sanctions,” Shana quoted Reza Ebadzadeh as saying on Saturday.

The official further noted that talks were under way for exporting cargoes to new destinations in near future.

“Although the current circumstances have made things more difficult, but exports are continuing just like before the sanctions,” he added.

Earlier in April, General Secretary of Iran's Association of Petrochemical Industry Corporation (APIC) said that U.S. sanctions are not going to have any significant impact on Iran’s petrochemical exports.

“The mechanisms of petrochemical exports differ significantly from oil exports and therefore U.S. sanctions will have no impact on the production and export of petrochemicals.” Ahmad Mahdavi Abhari said.

Petrochemical industry is one of the most important pillars of Iran’s economy and one of the main suppliers of foreign currency especially euro for the country.

According to Iranian Oil Minister Bijan Namdar Zanganeh, the country is currently producing 62 million tons of petrochemical products annually and with the new projects going on stream the number is expected to jump to 65.5 million tons further cementing the Islamic country’s stance as a major petrochemical supplier to the world markets.

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