Iran to export petrochemical consignment to Belgium

Business Materials 13 December 2014 23:15 (UTC +04:00)

Tehran, Iran, Dec. 13
By Milad Fashtami - Trend:

Iran's Jam Petrochemical Complex will export a polyethylene consignment to Belgium next week.

The weight of the consignment is around 2,000 metric tons, Iran's IRNA News Agency reported on Dec. 13.

Mohsen Farahi, an official with the Jam Petrochemical Company, said that this will be a new start for resumption of exports to European countries.

"Two Turkish companies have also declared their readiness to invest in Iran's petrochemical projects," he said.

Ahmad Mahdavi, the director general of the Petrochemical Employers Association said in August that Iran does not have excess capacity for petrochemical exports to European markets.

"Currently Iran exports its petrochemical goods to European countries on a limited level as single shipments," Mahdavi said.

In April, Iranian officials announced that some European countries including Italy, Spain and Greece have resumed imports of petrochemical products from Iran.

Iran's oil and petrochemical exports have increased following some sanctions relief on the Islamic Republic, including the EU and US bans on the country's petrochemical exports.

The ban ease is part of an agreement inked in Geneva in November 2013 between Iran and the P5+1 (five permanent members of the UN Security Council - the US, France, Britain, Russia, and China - plus Germany), under which the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.

The Geneva deal took effect on January 20. The two sides agreed to extend their talks until July 2015 to reach a permanent deal on Iran's disputed nuclear program.

Above 40 million tonnes of petrochemical products were produced in Iran during the last fiscal year in the country, which bring $ 9 billion in income for Iran.