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Official: Iran to export petchem to Europe despite sanctions

Business Materials 22 November 2011 11:22 (UTC +04:00)
Exports of petrochemical products to Europe will certainly continue despite the newly approved U.S. sanctions, the managing director of the National Petrochemical Company of Iran stated

Azerbaijan, Baku, Nov.22 / Trend F.Milad/

Exports of petrochemical products to Europe will certainly continue despite the newly approved U.S. sanctions, the managing director of the National Petrochemical Company of Iran stated.

The exports will continue under any conditions, the NPC director Abdolhossein Bayat said, adding that Iran has managed to circumvent sanctions of the U.S. and the EU in the past three decades, the Mehr news agency reported.

The United States, the UK and Canada announced fresh plans Monday to sanction Iran's financial and energy sectors in a bid to stop its nuclear program.

Statistics show that Iran exports annually some $2 billion worth of petrochemicals to 17 European countries.

Bayat said in July that the value of Iran's petrochemical exports is expected to reach $14 billion by the end of the current Iranian year (March 21, 2012), according to Press TV.

Bayat noted that Iran produced more than 40 million tons of petrochemical goods in the last Iranian calendar year.

The country also exported 18 million tons of petrochemical products worth $11.6 billion last year, showing a 26-percent increase compared to two years ago, he added.

Iran has expanded the range and volume of its petrochemical products significantly over the past few years, as the NPC has become the second largest producer and exporter of petrochemicals in the Middle East.

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