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Iran ready to export $5 billion more of petchem products to Europe

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Staff writer ▼ | April 7, 2015
Iran's petrochemical industry is ready to supply the European markets with an extra $5 billion of high-quality products as soon as the sanctions are lifted, Director General of the Petrochemical Employers Association Ahmad Mahdavi announced.
Iran oil
Energy business   Ahmad Mahdavi announced:
Mahdavi informed about Iran's new plan for export of petrochemicals and polymer products to European countries, and said on Sunday that Iran currently exports some petrochemicals and polymers to Europe.

"Iran's polymer and petrochemical products at the moment are exporting to the African countries, East and South-East Asia, Central Asia, Turkey and South America," he further added.

In March, Head of the National Iranian Petrochemical Company (NIPC) Abbas Sheri Moqaddam said that Iran is not worried about the fall in international oil prices because the country has found very good target markets for exporting petrochemicals.

“The petrochemical market is not much affected by crude oil prices,” Sheri Moqaddam said.

“Despite the fall in oil prices, the price of urea fertilizer has increased due to its growing consumption,” he added.

Sheri Moqaddam, however, said that the demand for polymer and petrochemical products are rising in developing countries due to their growing demand for these products.

In January, Director of Iran's Trade Promotion Organization Mehrdad Jalalipour said that the country's petrochemical production has increased in recent years, and the industry has to find new regional and international markets for exports.

Iran produced 40 million tons of petrochemicals in the last calendar year, with $9bln worth of its products being exported.