PGPIC to Reopen European Sales Offices

PGPIC to Reopen European Sales Offices
PGPIC to Reopen European Sales Offices

Persian Gulf Petrochemical Industries Company will reopen its sales offices in Europe in the near future, PGPIC's executive director said.

Adel Nejad-Salim did not name the countries in which PGPIC will actively resume operations, but underlined Europe as Iran's "traditional petrochemical market".

"We have had talks with other [Iranian] petrochemical holdings to participate all at once in international exhibitions," Nejad-Salim said.

PGPIC is following in the footsteps of Petrochemical Commercial Company, another major Iranian petrochemical company, that plans to open sales offices in Switzerland, Germany and the UK as well as in Brazil, Singapore and South Korea.

The lifting of sanctions in January has set the stage for Iranian companies to boost petrochemical exports to Europe, a large market that gradually grew out of reach for the Persian Gulf country under the sanctions regime.

"Iran's petrochemical industry lost its European customers during sanctions. We need to push aside rivals and reclaim this market," Nejad-Salim said. "We were unable to acquire foreign technology and knowhow in recent years."

Iran has opened its gates to foreign investors as it plans to make a strong comeback in the global petrochemical sector.

In a major conference last year, the country introduced investment opportunities in its post-sanctions petrochemical industry and called for $70 billion in foreign direct investment in its wide-ranging projects over 10 years.