National Iranian Petrochemical Company welcomes lifting sanctions on Iran’s petrochemical industry

Oil&Gas Materials 24 November 2013 11:26 (UTC +04:00)

Baku, Azerbaijan, Nov. 24

By Fatih Karimov - Trend: National Iranian Petrochemical Company has welcomed lifting the international sanctions against the Iranian petrochemical industry after Iran and six world powers reached a breakthrough deal early on Sunday.

The company has said in a statement that is ready to reestablish relations with other countries.

Iran and six world powers reached a breakthrough deal early on Sunday to curb Tehran's nuclear program in exchange for limited sanctions relief.

These are elements of the deal reached Sunday between Iran on one side and Britain, China, France, Russia, the United States and Germany on the other, according to a fact sheet issued by the White House, dpa reported.

The initial agreement will be valid for 6 months.

Iran is allowed to continue enriching uranium to a level of 5 per cent, but will stop enriching at higher levels.

Uranium enriched to higher levels will be diluted in order to prevent its use in nuclear weapons.

Stocks of lower-enriched uranium will be immediately converted into material that makes it more difficult to turn into weapons material.

Enrichment plants will not be expanded, and no new plants will be built.

The six powers will not impose new sanctions.

Embargoes will be suspended for the sectors of precious metals, car production, petrochemical exports.

The group of six will also allow purchases of Iranian oil at low levels.

Tuition fees by Iranian students abroad will be unfrozen.

The six nations will improve Iran's access to imports of food and medicines.

On May 31, The United States blacklisted on Friday eight companies in Iran's petrochemical industry, sending a warning to the Islamic Republic's global customers as Washington strives to cut off funds to the country's nuclear program.

Sanctions imposed by the United States and European Union halved Iran's oil exports last year, depriving the government of billions of dollars in revenue, increasing already high inflation and pushing down the value of its currency, the rial.

On November 9, ILNA quoted the chairman of the union of Iranian exporters of oil derivatives, Hassan Khosrojerdi, as saying Iran's petrochemical exports have declined by 8-15 percent in the first half of the current Iranian calendar year, which began on March 21.