Easing sanctions drive Iran’s petrochemical sales to Asia

Easing sanctions on Iran are already driving up Iran’s petrochemical sales to Asia, a top Iranian oil official said Thursday.
“We have [made] some progress in selling petrochemicals to Asia. Petrochemicals are one of the country’s main sources of exports revenue after crude oil,” Mohammad-Hossein Peyvandi, the deputy head of the state-owned National Iranian Petrochemical Co., said in an interview with The Wall Street Journal.
As part of the nuclear deal, the U.S. suspended sanctions on 14 major Iranian petrochemical companies, making it less risky both politically and legally for Asian buyers to purchase their products.
Still, Mr. Peyvandi said the domestic industry could further benefit from the return of European Union companies—which are still banned from providing technology to Iran.
The official said NIPC had started to contact EU companies and is planning to invite them to a petrochemicals conference in June in Tehran.
(Source: Wall Street Journal)

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