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Iran shares data on profits of petrochemicals industry over 7 years

Business Materials 28 December 2020 10:15 (UTC +04:00)
Iran shares data on profits of petrochemicals industry over 7 years

TEHRAN, Iran, Dec. 28

Trend:

Iran`s total income of the petrochemicals industry in the last 7 years was about $110 billion, General Secretary of Iran's Association of Petrochemical Industry Corporation (APIC) said.

"Today, everyone recognizes that the petrochemical industry, can save the economy of the country through preventing the crude sale, Ahmad Mahdavi Abhari said, Trend reports citing IRNA.

Pointing to the toughest sanctions imposed by the US, Mahdavi said that "despite the recent sanctions against the petrochemical industry, our products were sold three months ago.”

The capacity of the petrochemical industry has been increased from 68 million tons last year to 85 million tons in the current Iranian year(started on March 20, ends on March 21, 2021).

He predicted the production of 100 million tons of petrochemical products by the end of the next Iranian year (ends on March 21, 2022).

He went on to say that 10 petrochemical projects with a capacity of 17 million tons will be inaugurated by the end of the current Iranian year and additional 12 other projects will be put into operation next year.”

Referring to domestic sales he says "The increase in domestic sales (700,000 tons more than the same period last year) was worth $ 650 million.

He said that offering the petrochemical products via stock exchange increased by about 25 percent.

"Since 2018, we have supplied 75 percent of the foreign exchange earned from petrochemical exports were supplied into Nima System,” he said.

The NIMA exchange is a centralized electronic system established by the CBI in 2018 to streamline foreign exchange purchases and sales among Iranian companies.

Since NIMA is a market where Iranian exporters can sell their foreign currency earnings for Iranian rials, the NIMA exchange rate places a higher value on the rial than the open market rate.

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