Iran's Petro Palayesh Mahan Company continues exports to CIS despite sanctions

Business Materials 27 May 2019 12:12 (UTC +04:00)

Tehran ,Iran, May 27


Iranian petrochemical company Petro Palayesh Mahan continues to export its products to countries of the Commonwealth of Independent States (CIS) despite US sanctions.

Head of the company's public relations Reza Shahidi discussed the trade relations with neighbor countries in an interview to Trend.

"The main activity of the company relates to CIS and Turkey," he said. "Major part of company's products, which mostly include asphalt, is also exported to Afghanistan and Iraq. In the current Iranian year [started on March 21, 2019], bituminous waterproofing will be also added to exports."

Referring to effect of US sanctions on exports volume of the company, he commented, "Despite the current situation, the company has increased exports. Since we have costumers, the sanctions have not not affected the company's operations. Hopefully, we will further increase the exports in the current year."

In his words, at the moment, exports volume is lower than production capacity.

Speaking about the government investments in Mahan petrochemical company, he said, "Considering that the public section of company is sanctioned, we shall connect to private sector, so that the government will not interfere. In turn, the government shall find a solution to allow public and private sectors to transfer foreign currency revenues from exports."

Referring to company's plan in the current year, he noted, "Increasing production, overhaul and renovating fleet are on the agenda, but the plans are limited due to the sanctions."

Shahidi added that company has no foreign investments. He went to say, "At the moment, the production has dropped because of the sanctions. The production in last Iranian year [started on March 21, 2018] was far better than current year."

Commenting on the company's relationship with Azerbaijan, he said, "We have direct ties with, and customers in, Azerbaijan. Currently, we export asphalt to Azerbaijan."