Petchem Prices Down

Petchem Prices DownPetchem Prices Down

The secretary general of Iran's Association of Petrochemical Industry Corporation (APIC) said Saturday, the prices of the petrochemical products are on the decline following the plunge in oil prices, while the export of petrochemical products to European nations is on the rise, Mehr News Agency reported.

In the wake of the crude oil slump to less than $100 a barrel, prices of petrochemical and polymer products dwindled in global markets, according to Ahmad Mahdavi.

"Predictions suggest that prices of petrochemicals will improve once global oil prices increase," he said.

The potential of the petrochemical industry makes it easy to regain the $2.5-billion European market, as all Iranian petrochemical exports to Europe meet global standards.

"There is an increasing demand for Iran's petrochemical products in Europe, but we cannot expand production capacity at the moment," Mahdavi said, stressing that several shipments including methanol have been made to Europe.

Turkey, China and India alongside the countries in Central Asia, Africa and the Middle East are among the buyers of Iran's petrochemicals.