Iran expects record petrochemical sales to offset crude exports losses
Iran expects hard currency revenues from its trade of petrochemicals to reach record levels this calendar year as industry sources insist the sector has played a key role in Iran’s efforts to stand up against American pressure on direct crude sales.
Ahmad Mahdavi, who represents a syndicate of Iranian petrochemical manufacturers, said on Wednesday that petrochemical shipments from Iran are expected to reach $14 billion in value terms at the end of the year to late March.
That comes as figures by the Iranian customs office published on Tuesday showed that petrochemical exports had accounted for $14.7 billion or 42% of the total non-oil exports from Iran in the nine months to December 21.
However Mahdavi said that petchem exporters had returned some $9.2 billion from their proceeds to a government-run exchange system where Iranian importers can access foreign currency at a price lower than the unofficial market.
He said that hard currency revenues generated by the petrochemical sector in Iran had risen by over 75% in the March-December period.
Growing sales of petrochemicals have been a major element in Iran’s sanctions-busting toolbox as the country has successfully managed to resist the American sanctions imposed on its exports of crude in mid-2018.
Iranian petrochemical plants have expanded considerably in recent years as they have both increased their output while diversifying the range of products to obtain a larger share of the international markets.
Mahdavi said that Iran’s petrochemical sector has generated an average of $11 billion in annual export revenues and around $5.5 billion in products supplied to the domestic manufacturers in the past three years.
Iran reports slight increase in mining sector exports in April-October
Immunity of Iran’s shipping industry to illegal sanctions
Iran parliament committee approves to lower car import tariffs
VIDEO | IAEA adopts anti-Iran resolution tabled by E3
VIDEO | Iran's president urges Pope to help end Israel's onslaught in Gaza
Iran's senior legal official: ICC arrest warrants for Netanyahu ‘great victory'
Nov. 21: ‘Axis of Resistance’ operations against Israeli occupation
VIDEO | Israeli forces storm West Bank’s Jenin again, target civilians
Iran activates advanced centrifuges after IAEA's 'unjust' resolution
VIDEO | Press TV's news headlines
Iran FM: Response to Israeli aggression 'inevitable'
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
