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Europe Eyes Iran in wake of Russian sanctions

Europe Eyes Iran in wake of Russian sanctionsEurope Eyes Iran in wake of Russian sanctions

A host of European nations including Germany and Spain and a few other Europeans have turned to Iran to augment their energy needs following the sanctions imposed on Russia," said the chairman of Iranian Oil, Gas and Petrochemical Products Exporters Association, ILNA reported.

Khosrojerdi underlined LPG as one of the country's most sought-after petroleum products and stated that Iran recently resumed petrochemical exports to Italy, Spain and Greece.

The export of oil and petroleum products to China has also eased and more companies are finding the opportunity to expand exports, according to Khosrojerdi.

"We have retained our former customers and markets," he noted.

The US and EU imposed an array of sanctions on Russian individuals and businesses in response to the crisis in eastern Ukraine. The sanctions have targeted certain key sectors of the Russian economy including the energy industry. The drive for tougher sanctions has faced growing opposition from some EU countries that fear retaliation from Russia, the block's biggest energy supplier.

  Exports to Romania

The Secretary General of Tehran Chamber of Commerce, Ebrahim Bahadorani stated that petrochemical and food exports to Romania will increase in the near future. Iran-Romania trade transactions topped $1 billion in recent decades. However, the economic and banking relations of the two countries slowed down due to sanctions imposed against Iran during the course of the country's peaceful nuclear energy program.

Iran imports mainly steel and industrial parts from Romania and exports food and petrochemical products to this European nation.

Financialtribune.com