Iran’s petrochemical sector to use 3 ways to bypass US-led sanctions

Azerbaijan, Baku, Jun.9/ Trend R.Zamanov/

Iran's petrochemical sector is developing 3 ways to bypass, the managing director of the National Iranian Petrochemical Company Abdolhosein Bayat said on Sunday.

Launching a large transfer fleet, diversifying products, and localizing technologies are Tehran's three solutions for the sanctions, the Fars News Agency quoted Bayat as saying.

The fleet should have the capacity to transfer 100 million tons of petrochemicals. The amount could be raised to 150-200 million tons by 2025, he said.

In regards to technology, Iran is more successful than countries like Iraq, Saudi Arabia, Qatar, Kuwait, Turkmenistan, Afghanistan, and Pakistan, he added.

Bayat further explained that by diversifying the petrochemical sector's products, more costumers will be ready to buy petrochemical from the country. He also said pitting sanction on a large number of items is more difficult for western countries.

Bayat said on last week that "Despite the sanctions, petrochemical products are being exported to over 65 countries. Iran started diversifying its petrochemical products and finding new markets two years ago."

Bayat had previously said Iranian experts have mastered the technological expertise and acquired the licensing required to manufacture 38 petrochemical products.

Tasnim News Agency quoted the head of the association of Iranian oil, gas, and petrochemical exporters, Hassan Khosrojerdi said on June 2 that exporting petrochemicals is not like exporting crude oil. Petrochemical products are exported in different ways and from different locations. Government officials can make coordination with buyers in order to delete the name of the producer from their bills.

Iranian Oil Minister Rostam Qasemi has said the country is not concerned about the impact of Western sanctions on the development of its oil industry.

"In recent years, with good support from the government, suitable investments have been made in the industry," Qasemi stated.

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