Tehran, Iran, April 17
By Kamyar Eghbalnejad – Trend:
Iran Mercantile Exchange (IME) plans to introduce new financial instruments for offering popular petrochemical products.
“We are planning to launch new financial instruments such as futures and forward contracts for offering highly consumed petrochemical products like PVC,” the head of the IME, Hamed Soltaninezhad, told Trend.
Elaborating on the performance of the IME over the last fiscal year (ended on March 20), he said that the commodities market saw trading some four million tons of petrochemical products in the mentioned period.
“The high amount of the trades of petrochemical products indicates the proper performance of the IME in discovering prices and trading this type of commodities,” he added.
The IME saw a growth of 44 percent in the value of trades over the last calendar year with a total trade value of 1.17 quadrillion rials (about $26.5 billion) of commodities and securities.
Reza Norouzzadeh, managing director of the National Petrochemical Company (NPC), earlier said that the country’s petrochemical output is expected to reach 63 million tons during the current fiscal year and the sector’s overall sale is expected to reach 47 million tons, worth $24.5 billion.
Iran’s nominal petrochemical production capacity stands at 73 million tons per year and the country hopes to bring the capacity to 120 million tons by 2020 and 160 million tons by 2025.