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EghtesadOnline: The National Petrochemical Company is not concerned about exports despite the US unilateral sanctions because a large part of the firm's commodities are sold to European Union countries that have pledged commitment to the Iran nuclear deal.

Reza Norouz-Zadeh, chief executive officer of NPC, made the statement while addressing a group of petrochemical company managers in Tehran, Mehr News Agency reported.

On May 8, US President Donald Trump announced that his country would exit the deal and reinstate the previously lifted sanctions on Iran. 

The unilateral move has been opposed by other signatories, namely Russia, China, Germany, France and the UK, which have expressed their intention to support small- and medium-sized enterprises trading with Iran and protect their commercial and financial activities in the country, Financial Tribune reported.

"Iran's revenues generated from the export of petrochemical products amounted to $12 billion in the previous fiscal year that ended in March 2018," he said, noting that NPC's figures indicate a 15% hike in petrochemical exports between March 21 and July 22.

According to the official, petrochemical ventures may take longer to complete due to sanctions, but export volume will not change.

"NPC is well-equipped to tackle the negative impacts of the sanctions," he said.

"The world's supply and demand for petrochemicals are balanced. It would be next to impossible to ignore Iran's market share."

Norouz-Zadeh noted that replacing NPC's production capacity in global markets needs long-term investment plans and restrictions on the import of Iranian raw materials will result in shutting down an array of petrochemical units in Asia and Europe.

"The industry is at an excellent stage of development, as it can compete with internationally prominent players regarding infrastructures, technology, equipment and labor force," he said.

The country's annual petrochemical output currently stands at 55 million tons.

 

Iran exports nuclear deal US sanctions petrochemical company Iran petrochemical company