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No petrochemical products without customer, Iran says

Iran Materials 19 May 2012 12:22 (UTC +04:00)

Azerbaijan, Baku, May 19 / Trend F.Milad /

Iran has not stored even one ton of petrochemical products, deputy oil minister Abdolhossein Bayat said, adding that the country has circumvented sanctions against the shipping industry.

He rejected some western media reports, claiming that Iran's petrochemical exports have declined by around 90 percent, adding the exports are ordinarily underway, the Mehr News Agency reported.

Reuters reported on Thursday that Iranian petrochemical exports have plunged nearly 90 percent in the last two weeks as most maritime firms, including those in Iran, cannot find insurance to transport cargoes due to EU sanctions.

EU sanctions prohibiting European insurers and reinsurers from covering tankers carrying Iranian petrochemicals came into effect on May 1, forcing out most of the ships operating in this niche market, the report added.

"Shipping data confirmed a sharp drop in Iranian petrochemical exports, which includes methanol, xylene and caustic soda, to around 60,000 tons a week in May from a weekly average of 350,000 tons last year."

However, Bayat told local media earlier this month that the country's petrochemical exports had not declined despite EU sanctions.

"Nine petrochemical projects will be implemented in the current Iranian year which will boost the country's output by 8 million tons," the Shana News agency quoted him as saying.

Iran has explored new destinations to export its petrochemical products, he said, adding that currently exporting petrochemical products to Europe is regularly underway.

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