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Billions of Iranian petrodollars blocked by South Korea

Business Materials 22 October 2014 17:17 (UTC +04:00)

Baku, Azerbaijan, Oct.22

By Fatih Karimov - Trend:

Billions of Iranian petrodollars have been blocked by South Korea despite the easing of international sanctions against the Iranian petrochemical industry.

Ahmad Mahdavi, Director General of Petrochemical Employers Association, said that despite the lifting of some sanctions, billions of Iranian petrodollars have been blocked by South Korea, Iran's Mehr news agency reported on October 22.

South Korean officials say they have not been informed of lifting the sanctions, Mahdavi added.

The sanctions could not affect Iran's petrochemical exports, and even demands for Iranian petrochemicals increased in the global market, he said.

The value of Iran's annual petrochemical output may double to $40 billion, Oil Minister Bijan Namdar Zanganeh said in September 2013.

For the time being, the value of domestic petrochemical products per year is about $20 billion, he said, hoping that the figure would increase to $40 billion.

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