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Legal Matters

Petrochemical industry progressing despite sanctions

Tehran, Director of the National Petrochemical Company's Projects Ali-Mohammad Bosaqzadeh said Iran has better conditions than before sanctions, and things are moving at a fast pace.

The petrochemical industry is one of the winning cards of Iran in time of sanctions because its boycotting is simply not feasible and many customers are demanding the purchase of diversified petrochemical products.

The country's petrochemicals production capacity has increased by launching new projects to 65,500,000 tons, which has more than $13 billion in revenue for the country.

Increasing the capacity to produce petrochemical products and consuming various kinds of feed, has prevented selling crude oil in the oil industry, and can make more money for the country.

The United States is trying to put sanctions on Iran's petrochemical industry alongside the oil industry.

Basaqzadeh cited the impact of sanctions on the petrochemical industry and said, 'In the pre-sanctions period that was all-sided, the US, European, and Security Council sanctioned the US. However, the petrochemical industry was not overshadowed and increased.

'Completion of the value chain is one of the main policies of the National Petrochemical Company, and this issue has become more and more widespread in recent years,' he explained the details of the new petrochemical industry.

'Along with this policy, we are trying to see new projects to diversify into more and more end products in the chain,' he added.

'We have defined 18 GTX projects that produce gas from propylene, which are at the start of implementation in Chabahar and Qeshm,' said the director.

Source: Islamic Republic News Agency - IRNA


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