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3 Iranian Petrochem Companies Report Growth Rates

3 Petrochem Companies Report Growth Rates3 Petrochem Companies Report Growth Rates

Shimibaft Petrochemical Plant in the southern city of Mahshahr, Khuzestan Province, has increased output and reported 7% growth in the first quarter of the current calendar year (began March) compared to the same period last year, managing director of the company said.
The rise in the output has led higher sales and as a result “the company’s profit increased by 234% in the first three months of this year compared to the first quarter last year,” the Oil Ministry news agency Shana quoted Mohsen Shams as saying.
Despite the new US sanctions, last year the company generated $18 million from exports, he said.
The US reimposed economic sanctions on Iran last August, mainly targeting the key industrial sectors. In the May of that year President Donald Trump tore up the landmark 2015 nuclear deal Iran had signed with the six world powers and has since called for a new and comprehensive agreement with Tehran. 

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