Petrochem Feedstock Prices Will Match Nima Forex Rates

Prices of natural and liquefied gas feedstock delivered to the petrochemical sector will be calculated on the basis of rates in the Integrated Forex Deal System, locally known as Nima, a platform where exporters sell currency earnings at prices lower than open market rates, the secretary-general of the Association of Petrochemical Employers Unions said.
“Because petrochem firms are allowed to sell their commodities in Iran Mercantile Exchange at the Nima rates, where $1 is sold for 285,000 rials, they can buy feedstock at the same price, which is almost half the price in the open market,” IRNA also quoted Ahmad Mahdavi-Abhari as saying.
Petrochem goods account for 40% of Iran’s non-oil exports and formulating a pricing mechanism for feedstock is of great importance, he added.