Some 10 petchem deals signed since JCPOA implementation – Iran official
Baku, Azerbaijan, August 20
The chief executive officer of NPC (National Petrochemical Company) said the Iranian government has managed to sign 10 MoU in the petrochemical sector, since the signing of the 2015 nuclear deal between Tehran and the world powers.
Reza Norouz-Zadeh said Iran’s petrochemical industry has great potential to attract more foreign investors, ISNA reported.
Since the signing of the Iran nuclear deal, known as JCPOA, the oil ministry has managed to ink 10 petrochemical memorandums of understanding and talks with foreign firms are underway.
The official further expressed the hope that talks with the firm would soon yield results.
On May 8, US President Donald Trump pulled his country out of the JCPOA, which was achieved in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).
Three months later, the US reimposed stiff economic sanctions on Iran, ratcheting up pressure on the Islamic Republic despite statements of deep dismay from European allies.
A first set of reimposed US sanctions affect financial transactions that involve US dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold.
A second batch of US sanctions targeting Iran's oil sector and central bank are to be reimposed in early November.
Trump warned that those who don't wind down their economic ties to Iran "risk severe consequences."