August 26, 2019 18:23

Iran Petrochem Export Generated $11b in 2018

Bulk of the petrochemical infrastructure is in the southern regions near the Persian Gulf in the city of Mahshahr in Khuzestan Province where water supply is less of a concern and proximity to the international waterway makes transport more feasible and c

Petrochemical export revenue in the last fiscal year that ended in March stood at $11 billion.
Oil Minister Bijan Namdar Zanganeh made the statement on Sunday in the parliament while addressing lawmakers’ questions and concerns over petrochemical-related issues, the Persian-language economic newspaper Donya-e-Eqtesad, the sister publication of Financial Tribune, quoted him as saying.
"Of the total earnings, $9 billion were returned to the treasury and the rest was invested in developing the key sector," he said.
Despite new US sanctions, petrochemical exports continue as planned (especially with private sector help), he told the legislators.
The US Treasury Department announced new sanctions on Iran's petrochemical sector in June against the Persian Gulf Petrochemical Industries Company and 39 of its 60 subsidiaries and foreign sales agents. Nonetheless, officials [including Zanganeh] say there are enough buyers worldwide for Iran’s products.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Iran Petrochemical Industry