Tehran, Iran, May 9
By Temkin Jafarov - Mehdi Sepahvand - Trend:
Oil, gas, and refinery equipment company director said Iran is the biggest market for metering equipment, even as sanctions are in place on Iran's economy.
"LEWA's capital flow in Iran is 15 to 20 euros a year. This is while the number is 40 million euros for the whole other Persian Gulf littoral countries," Namy Karimi, project manager at Ecologica, LEWA subsidiary and supplier company for chemical injection, metering pumps, etc. told Trend on May 7 in the Iran Oil Show 2015 in Tehran.
Iran is the biggest market for metering, said Karimi, underlining the size of the Iranian market.
He went on to say that while there are hardships to do business in the oil and gas sectors under sanctions, good business transactions have been accomplished in the processing (petrochemical) sector.
Iran's petrochemical export hit $14.2 billion last year, less than the pre-sanctions period's annual export.
The country's petrochemical production rose by 7 percent in the same period to reach 44 million metric tons. This is while the production capacity was 60 million metric tons per year.